Today’s movements have been strong so far and a noticeable inflow of capital in altcoins can be observed. Especially Chainlink, Solana and Fantom will be very interesting to watch.
Regarding the situation in bitcoin, not much has changed, today’s spike of a little more than a thousand dollars is a good signal. Additionally, it was surprising to see that bitcoin couldn’t break below the 1.236 extension at 26’565$, we have talked about this repeatedly in the last weeks, and it seems that this line acted as a support for now.
Our expectations for the next weeks remain the same, and we still estimate that the price should break above 30K again, and it would be very fitting to see the 1.618 extension reached.
However, I took the opportunity to highlight our alt.(1) – alt.(2) scenario, I mentioned this in our Sunday update. The whole surge since can be counted as another bullish wave 1 scenario, now this scenario remains rather unlikely, but I wanted to make sure that you heard it here first!
To clear things up, it wouldn’t result in new lows, but rather in an additional downtrend which would establish a wave (ii) around 22K.
We will post more detailed updates on our covered altcoins this Friday, until then the following charts may be helpful for you!
Please note that we are already invested in Bitcoin since the 15th of June 2022, back then we announced our first positions here on tradingview.
Long Bitcoin (BTCUSD)
AVERAGE EXECUTION PRICE: 20’714.20$
LONGTERM TARET: +120’000$