Coinbase is showing a strong sell wall between $98k and $100k. BTC has peaked around $98k so far, and I think there should be concerns for a selloff. For now the price is trading around $97k. If there is a pullback I have the white trendline as support around $94.2k and there is resistance at $92k. I think $100k remains as a key psychological level, and for now that price target will be difficult to break. Altcoins have been very disappointing, BTC has rallied by itself over the past few days. The key concern is that if BTC sells off Altcoins can experience a sharper decline. For now I would continue to monitor BTC around $97k to see if we start to trend down towards $94k or whether BTC starts to show bullish momentum into $98k.
Warning for Potential Crypto Selloff
BTC is trading within the red resistance zone, which is a sell wall between $98,000 and $100,000. I would be very very cautious here, there could be a sharp selloff that would look like a crypto rug pull. Price is still trading within the red zone for now, but I definitely recommend being protective of your positions here if there starts to be a selloff. If BTC drops ALTS will drop harder. The other scenario is a break above $100k, which I still don’t see happening for now. It took several attempts and days to break through $92,000 and I think $100k will be much tougher to break through. Altcoins are still not pumping, seems like traders are nervous to be in ALTS when BTC is so high.
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