From the defi craziness that has been going on for much of the past couple weeks to bitcoin surging more than 10% in a day.
It's starting to feel a little bit like the good ol days again.
You know, the last bull market days.
We haven't seen a whole of "good ol days" since early 2018 to be completely honest.
So, as you can imagine, looking at this, it's a very welcome sight for very sore eyes:
We broke a year long downtrend as well:
(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)
Not only did we break out on a 1 year chart, we also broke out on this as well late yesterday...
A 2 year long downtrend, finally was busted:
(Source:
)https://twitter.com/PrestonPysh/status/1287555473248460800
- PrestonPysh
Given the current context of the move, I would be shocked if it didn't have a ton of follow through from here left in it.
The measured move based on the dip we saw in early march says this move is going to at least $14k-$15k, and that is most conservative estimate based on the chart setup.
If bitcoin keeps flying up like this, what is going to happen to the altcoin market?
A market that had been flying up for much of the past couple weeks, well except for some of favorite coins, cough cough HIVE.
So far HIVE has yet to be included in the bullish price action but is selling of slightly during the BTC euphoria.
Not a fun place to be for HIVE investors.
However, we also saw this from time to time during the last bull market with STEEM, yet it ultimately had a few very large moves of its own.
Time will tell if this time is different or not, but as of right now I am not too concerned by its lack of participation to the upside.
I will admit it's not great to see, but it's also not time to panic just yet.
Overall though, I would not be surprised to see the altcoin market contract if bitcoin starts going wild. Historically the trend has been bitcoin first, then the alts.
Which means, alts contracting may be a good opportunity to pick up some on the cheap.
Stay informed my friends.
-Doc
