Bitcoin’s price consolidation near the recent local high suggests that bulls are not rushing to exit and anticipate another leg higher.
Market participants have been gradually shifting their focus to select altcoins, as Bitcoin’s dominance has decreased to 48%.
Altcoin recovery is likely to remain in place until Bitcoin shows strength, as a sharp downturn in Bitcoin could lead to a sell-off in altcoins.
Important support and resistance levels to watch for Bitcoin include $28,861 and $31,000-$32,400.
Dogecoin is facing resistance above $0.08, but bulls have not given up much ground and sentiment remains positive.
Maker has cleared the overhead resistance at $1,200 and may retest this level before potentially starting a new uptrend towards $1,600 and $1,900.
Optimism is showing signs of starting a new uptrend, with resistance at $1.66 and potential targets at $1.88 and $2.
XDC Network has experienced a strong uptrend and may correct to the 38.2% Fibonacci retracement level before attempting to resume the uptrend towards $0.10.
Summary:
– Bitcoin’s consolidation suggests bullish sentiment and a shift in focus to altcoins.
– Altcoin recovery is dependent on Bitcoin’s strength.
– Key support and resistance levels for Bitcoin, Dogecoin, Maker, Optimism, and XDC Network.
– Altcoin traders should be cautious and monitor Bitcoin’s price action.
