Bitcoin’s attempt to break out of its range failed, indicating that range-bound action may continue for some time.
The uncertainty about Bitcoin’s next move is reflected in two successive Doji candlestick patterns on the weekly chart.
The downside for Bitcoin may be limited in the near term due to expectations of SEC approval for a Bitcoin exchange-traded fund.
Altcoins are under pressure due to the lack of clarity about Bitcoin’s direction.
TON, LINK, MKR, and XTZ are showing signs of strength and may rally if they break above their respective resistance levels.
TON is in an uptrend, but facing resistance at $2.07. A rally above this level could lead to a surge to $2.40.
LINK has been trading in a range between $5.50 and $9.50. A break above the 20-day EMA could start a new up-move towards $6.87 and $7.07.
MKR has found support near $1,000, but faces resistance from bears near the downtrend line. A close above the downtrend line could lead to a rally to $1,370.
XTZ has seen a battle between bulls and bears near the strong support at $0.70. A close above the 20-day EMA could pave the way for a rally to $0.94 and $1.04.
Summary:
– Bitcoin’s breakout attempt failed, indicating continued range-bound action.
– Uncertainty about Bitcoin’s direction is pressuring altcoins.
– TON, LINK, MKR, and XTZ are showing signs of strength and may rally if they break resistance levels.
