Bitcoin’s move this morning has changed its short term projection, according to FullyCrypro’s resident analyst Will of Crypto Day Traders. Bitcoin jumped from $6,820 to $7,100 to punish shorters and reclaim Monday’s losses, potentially showing us the way back to the yearly open of $7,200. This should then lead us up to the next resistance at the $7,800 level:
$6,800 once again proved crucial support, keeping Bitcoin in a channel as it has been all month and allowing us to dream of a pre-halving pump once again. A drop under $6,800 would not mean that all bets are off, although it could see $5,900-$5,800 support being tested.
Ethereum Looks Primed For a Run
Ethereum too has bounced back nicely following its early week drop, with its Bitcoin pairing showing considerable strength:
A break above ₿0.0252 would see it not only looking good for a retest of its range highs at ₿0.0364, but would more importantly see it breaking a downtrend against Bitcoin that began back at its all time highs in January 2018:
This would be fantastic news for both Ethereum itself but also for the entire alt market and could usher in an alt rally potentially in tandem with a Bitcoin rally as we approach the halving next month, and perhaps beyond.
This is echoed in the Bitcoin dominance chart, which has been seeing a drop in Bitcoin dominance throughout the whole of April, with the key level of 63% looking ever more likely:
A stable Bitcoin is where alts really flourish, and this combined with a continued drop in Bitcoin dominance could really open the floodgates for those ready and willing to take the risk.
