Crypto
  • BTC
    21192.4 -1.07%
  • ETH
    1216.01 -1.51%
  • SOL
    39.98 -4.79%
  • ADA
    0.5 1.02%
  • AVAX
    20.21 -4.17%
  • DOT
    7.97 -1.39%
  • LTC
    57.78 -1.09%
  • BCH
    114.7 0.68%
  • DOGE
    0.07 7.28%
  • CRO
    0.13 -0.78%
  • MATIC
    0.58 -2.76%
  • LINK
    6.92 -3.98%
  • UNI
    5.63 0.86%
  • SHIB
    0 -1.78%

Bitcoin still neutral while altcoins look bullish

Today´s analysis will be more of a general market outlook, since Bitcoin has been relatively neutral on its daily chart. A stronger movement by altcoins would also help Bitcoin, since as of now, I think they are in much better shape as the biggest cryptocurrency.

Bitcoin still in a triangle

For several weeks now, Bitcoin has been mostly moving sideways and is in a neutral giant triangle. Thus, we have not moved anywhere on the daily chart of Bitcoin, not even with very important press conference of the Fed on Wednesday.

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When you zoom in a bit and look at 4h chart, one can find a solid intraday trades, but once again, they are not presenting any special opportunities. The chart as such seems a bit messy now, probably due to whales manipulation due to low volumes and liquidity. What the traders can do now is mostly to look for high volume levels and try trading those, which is not an easy task.

TradingView Chart

4h chart of Bitcoin, Source: Author´s analysis, tradingview.com

Altcoins look more bullish

Looking specifically at altcoins, I think they are showing much better structures. The past few days even brought an opportunity to divide altcoins into two main groups. Those, that did not have a break and those, that already did. Vast majority of altcoins is moving up now. That is however not surprising since they have fallen in price more significantly than Bitcoin.

I have chosen two altcoins, Polkadot (DOT) and Polygon (MATIC), which have already moved up and broken their previous structures. As of now, one can spot almost everything that is needed for a confirmation of further upside potential. The keys are higher highs and higher lows or breaks through previous trendlines or structures.

TradingView Chart

1D chart of Polkadot, Source: Author´s analysis, tradingview.com

TradingView Chart

1D chart of Matic, Source: Author´s analysis, tradingview.com

Conclusion

It might be surprising to say, but as of now, it looks like the least bullish coin is Bitcoin. I pretty much like the charts of majority of the altcoins. Yet, we are still waiting for any significant strong move. Almost everything points to the fact that sooner rather than later we should be expecting such a move. Onchain analysis or volumes are suggesting that as well.

Jakub is a crypto trader and founder of Trader 2.0 project, which helps hundreds of traders from central Europe to understand cryptocurrency trading and its challenges. Jakub not o...

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