Bitcoin survived what many had suggested could be a test of its recent resurgence, as the daily, weekly, monthly, and quarterly close all converged to leave it, and many altcoins, exactly as they were after a fakeout dump, and in some cases a little bit higher. This is very good news for the market, as it shows that the positive sentiment that has been brewing in recent weeks is not without merit and that the market is starting to put some foundations back in.
probably most important weekly close so far for $btc ever
1D,1W,1M,Q1 close in one
historical bessa trendline test
massive moves on blockchain recent weeks-market getting ready
See my pinned tweet to know
Pass on to your ma, pa and dog#bitcoin loves fakeouts in bear market btw pic.twitter.com/5J4qLzkL1l
— Crypto₿irb (@crypto_birb) March 28, 2019
Alts Still Primed
BTC saw a hammer candle at the close, initially dropping to $4,065 on Binance (BTC/USTD) before strong buying pressure came in and swept away the low to push it back up to $4,126, a positive sign that faith in BTC continues. The following six hours saw consecutive green candles painted on the hourly, pushing it towards $4,200. If BTC can rest around this area and take a break, alts should be good for another round of positive action, while Bitcoin refuels for that shot to $6,000 that everyone in the community is hoping for.
Even a drop to the high $3,000s should be enough for alts to kick on again, and would offer some great entries. The market itself enjoyed (or endured, depending on your current bias) a fairly stagnant weekend, with very few noteworthy gains and drops, although DASH has begun the week with a 12% move, which was predicted by some, and seemingly more gains on the horizon for alts.
I’m expecting dozens of charts to look like this over the next few weeks. pic.twitter.com/1oI98Oe49t
— The Crypto Dog? (@TheCryptoDog) April 1, 2019
OCE Lights up the Weekend
One token that did enjoy the weekend was OCE, a new addition to the market that had been locked up for over six months post-ICO. The token, which launched on Sunday, is the proprietary coin of VeChain’s OceanEx exchange, and the ‘exchange coin’ effect that has seen BNB, KCS, and BTMX enjoy incredible gains this year struck once again, as the coin ran as high as 500% before settling down to half that, representing a 2x boost straight out of the gate for ICO holders.
With exchange coins being so hot at the moment, there is every chance that this is just the start for OCE. With a new month underway, crypto fans will be hoping that the picture Bitcoin is painting doesn’t turn out to be an April Fools joke and that more green is on the horizon for beleaguered traders and investors.
What do you think? Are alts primed for another run or will Bitcoin meet its match at $4,200 and bring the party to an end? Let us know in the comments below.