Bitcoin has been following a pattern of 2 weeks red, 2 weeks green since July 1st. The current 2 week candle closes on Sunday, and if this pattern continues the next 2 week candle is likely to be red. This aligns with my view that we are likely to see some downside headed into the week of Thanksgiving. I think we can still rally until about halfway into next week before forming a peak.
BTC is in defense mode here, I think the support zone keeps getting tested and bulls have to try to hold this light blue zone between $89.3k – $90.2k. There’s been wild swings over the past few days, I think BTC could swing down to $86k-87k, keep that scenario in mind if BTC fails to hold above $90k here. ALTS would take a hit if BTC drops by several thousand dollars.
BTC has managed to hold above the light blue support level, and is starting to trend up. The yellow trendline gradually increases over time, the resistance target is now around $91,886. BTC still looks strong here, ALTS should have room to trend up as long as BTC continues to trade sideways.
BTC is trading in a tight range between the light blue support zone and the yellow resistance line. Price is trading sideways between $90.2k and $91.8k.
It’s still very early in the bull market for Altcoins. This is a comparison of the current price action to the previous cycle. We just started to breakout above the bull flag.
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