Bitcoin could soon start rallying amid a potential altcoin range dump exercise.
Bitcoin bulls increasing the focus on breaking $9,200, $9,250 and $9,300 resistance zones.
Bitcoin price stability has been impressive over the last week. For some people, the stability is commendable but for others it has reduced the speculative nature of Bitcoin, making it more or less like a stablecoin. On the other hand, altcoins have done exceptionally well in the last few weeks, presenting to investors alternative investment opportunities.
In spite of their rally, analysts expect the tight ranging Bitcoin to wake up from the deep slumber. In other words, Bitcoin’s chance to a rally is coming. At the same time, a dumping exercise is likely to take precedence among altcoins bringing more “pain” and a temporally “range dump” against the largest cryptocurrency according to an analyst associated with Blockfyre.
Alts are about to bring the pain. This chart doesn’t miss and hasn’t missed in this entire thread. Alts are going to rage dump across the board 5-15% on the BTC pairs (USD unsure depends on BTC direction). Do with that info what you will.
Bitcoin Technical Analysis
Bitcoin is dancing at $9,180 at the time of writing. Buyers have been able to contain the price above $9,100 for several days now. On the upside, $9,200 is the initial resistance. Gains are above this level have become scarce. However, a bullish momentum seems to be building above both the 50 and the 21 Exponential Moving Average (EMA) in the hourly timeframe.
BTC/USD 1-hour chart
The bullish action is reinforced by the RSI as observed on the chart. The indicator displays a positive picture as it points upwards. Moreover, the MACD is holding ground above the mean line. Movement into the positive region would pave the way for gains above $9,200. More resistance is anticipated at $9,200 and $9,300.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org