After a pretty lazy weekend with not much price action, BTC is finally expected to make a big move in the coming hours.
As we speak it’s broken the $11,600 barrier and it’s just touched the $11,900 range.
The two breaking points we are looking at are $10,700 on the downside and $12,100 on the upside. Breaking either level means we can then expect big moves in that direction.
We’ve had some few dull days in the last week, with Bitcoin trading pretty much sideways along the $11,200 range with very little to no volatility.
In insecure markets like this – indeed a few traders are still unsure that we are actually out of the bear market – compression inevitably leads to an explosion in price, either way, creating an environment of volatility spikes.
It’s as if a bubble (in figurative terms!) has been waiting and preparing for days to burst. That’s why experts, professional traders, are all expecting this volatility spike now.
If the upward trend continues and we break $12,000, the next level to be watching is $14,300. If we have a reversal trend to the downside the key levels to look out for are $9,700, $9,300, $8,900 and $8,300.
Total market cap is currently $335,890B growing up from around $327,000B over the weekend with Bitcoin maintaining alone a market cap of $210,544B and a 62.7 dominance.
This time we are experiencing alts in the green also, with gains ranging from 1.5% to 8% in the top 20 cryptocurrencies. Ethereum and Tron show the best signs with a rise in the 7% range.
Ethereum is clearly showing a controversial rise as all technical analysis was indicating a downward trend for the cryptocurrency sparking fear of further drops.
It’s worth remembering though that these trading percentages are against the dollar, whereas against Bitcoin the gains are much lower.
It’s important to stress it makes a huge difference to consider prices in BTC or Fiat money. If people are looking to convert their gains into cash/Fiat then the coin needs to be regarded against the relevant fiat currency. If traders want to accumulate Bitcoins then the coin/token should be sold when it’s gaining against Bitcoin.
This has not been happening much lately since we are currently experiencing an altcoin crisis with many cryptocurrencies reaching all-time
lows even within the top 100.