Analysis

Bitcoin is Poised to Continue Surging as Recent Altcoin Rally Pauses

Bitcoin recently posted what is widely described as a so-called “blow-off top” when it rallied to highs of $ 28,500 before facing an instant rejection that sent it tumbling down to $ 26,000.

The support at this level was significant and has proven to be a strong base it has since rebounded off. As such, the possibility of its latest leg higher being a bearish blow-off top appears to be invalid for the time being.

The consolidation trend seen in the time following its rebound from its recent lows has given rise to a surge in a recent tweet that Bitcoin could be poised for a rally in the short-term, with the pause in the recent

“Even at 27k BTC still refuses to give any sort of significant pullback or retest. Looking good for more upside, would match well with ALT/BTC pairs taking a small break after the recent jump,” he said while pointing to the below chart.

Bitcoin

Image Courtesy Cryptorangutang. Source: BTCUSD on TradingView.

It does appear that the market is entering a phase during which time altcoins are inversely correlated to Bitcoin, which means that the proverbial “altseason” may not begin until Bitcoin sees a prolonged consolidation phase.

Featured image from Unsplash. Charts from TradingView.

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Technical analysis – NewsBTC

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