While the big picture shows Bitcoin continuing it’s multiweek consolidation pattern, the last week has offered bullish signs with price moving up over 10% with increasing volume in one day moving above $3500 which notably has held since that time.? At the same time key large altcoin Ethereum spiked nearly 20% and has also held those gains.? The crypto market has moved in response to these two coins for the last two years, so while this is not the moonshot crypto traders keep waiting for, it does support that bullish sentiment is building.
In addition, daily charts are now showing bullish moving average crosses on multiple charts which adds support a trading edge for higher prices.? Time now becomes a factor as traders want to see price move higher and break above the $4000 resistance level soon, or watch for price to once again drop down to $3300 or lower to test the lower range of this consolidation pattern.? Above $4000, the next target would be a long awaited retest of the 2018 bear market trend line currently around $4500.?? We share an updated BTC chart along with our most recent trade strategy from prior post for reference.
We also share a short-term trade for ONT which is currently 26th rated altcoin that offers a strong risk/return trade set up that?s showing patterns that could have more than short – term implications if price moves higher with strong volume ? but that?s still a BIG IF in what?s still a bear market.
