Bitcoin is just ranging!

BITCOIN IS JUST RANGING AT 60K+ LEVEL, INVESTORS’ EXCITED FOR ETHEREUM’S TIME TO MARK A NEW ALL-TIME HIGH

BTC TOP 3

BITCOIN IS CONSOLIDATING

IS IT GETTING READY FOR ITS NEXT MASSIVE RUN?

So many things happened to Bitcoin last week — records a new all-time high, then in under a minute, drops to as low as 8k then came right back up, that now, Bitcoin is just ranging. Just like how a predator is gaining and saving his priced energy before advancing to its next massive action.

On the technical side of things, the overall market is still looking bullish. But BTC could be in for a little bit of sideways action before a continuation to the upside.

That Martini Guy, another famed crypto influencer, said that if BTC can’t get back to the $63k level, he will start thinking about taking profits and going short. But since we have been above $63k for hours now, this shouldn’t be the case, right?

His analysis: should BTC not be able to break above $63k, we’re looking into a potential double which would then if played out, give a target as low as $42k.

Also, in the BTC 15min chart, it is also forming a potential head and shoulder pattern, too, should BTC not be able to break above $62.9k.

Hence, staying above $63k is crucial and must be sustained for continued price momentum to the upside.

According to Scott Melker upon looking at the weekly charts, we had had three green weeks in a row, and even with a retrace, it didn’t invalidate the bullish-ness of those 3 green weekly candles. So, Scott is not worried at all about Bitcoin’s price action.

Even with ending last week’s candle in a shooting-star candle, which is a usually bearish candle if followed by a confirmation candle, we are still looking bullish ahead. We just have to make sure we close this week’s candle in a green candle to invalidate that bearish candle we had last week.

Here are some observations Scott had on the Bitcoin chart:

BTC daily – lost the all-time high and the highest daily close, now holding support at $59.6k, just ranging as of now

BTC 4hr – ‘potential’ head and shoulders, but ‘potential ‘ is the keyword as it has not happened yet. if it starts to go down and break the neckline, the target would be around $51k. to invalidate this potentially bear scenario, we have to get/stay above $62.9k

BTC is pretty much consolidating, he said.

Some analysts mentioned a $70k target for this month, do you think it is possible?

ETHEREUM TO TAKE THE SPOTLIGHT

Ethereum is set to an all-time high this week!

-Bitboy Crypto

After Bitcoin’s all-time high last week, we might be seeing Ethereum’s turn anytime soon.

This was even supported by Crypto Michael by saying on one of his YouTube Technical Analysis: If we’re able to break above $4160, the price could go all the way up to $4300 to a new all-time high. ETH is looking very, very bullish right now.

If you haven’t had stacked up on Ethereum, do so now before it’s too late.

ALTCOIN CORNER

Some coins that are promising and showing potential massive breakout:

EGLD – has got a lot of things coming out in the coming 2-3months, and that’s when we’ll see serious growth in the price, said could 10x within the next couple of months

DOT – is gonna moon. Polkadot is coming to a point in time where all of the Polkadot projects are about to go live, Parachains are about to happen, Moonbeam is about to happen. When Moonbeam happens on DOT, that’s gonna be the same when Moonriver happened on Kusama  (both KSM and Moonriver price went to the moon) 

LUNA – short-term target: $47.25 (downside: $34.25). And with Fib extension, it shows a $106 and $204 LUNA price in the works

VRA –  target points: $0.08-$0.09, then $0.13-$0.15

ONE/BTC – with Harmony creating a new all-time high after another on the USD pair, make sure to take profits at around 625-1000 sats on its Bitcoin pair.

Watch out for XRP and ADA, too. Like how Bitcoin is just ranging, they have not been moving at all, and this is not something normal. So these coins are most probably getting ready for moontime.

DISCLAIMER: This is not financial advice. Please do due diligence.


ABOUT THE AUTHOR

Elisa A.

Elisa is our Head of Market Analysis at Rocket Crypto X

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