It can be. But we need some technical evidence to be sure. First things first and we need to see Bitcoin recovering above 34 weeks WMA (white dotted) and at the moment we are just in the middle of such an attempt. If we close on the daily basis above it ($9345) then the next serious challenge will be to recover above 89 days WMA (brown), currently @ $12308.
Otherwise a rejection by the 34 weeks WMA will imply continuation to the downside. As all major ALTs at this point of time follow BTC their break out levels and targets are on the corresponding charts.
BTC
https://www.mql5.com/en/charts/8285200/btcusd-d1-simplefx-ltd
BCH
https://www.mql5.com/en/charts/8285203/bchusd-d1-simplefx-ltd
ETH
Has very wide trigger levels on 1D chart therefore for more immediate prospects I provide 4H chart target.
https://www.mql5.com/en/charts/8285210/ethusd-h4-simplefx-ltd
ETC
https://www.mql5.com/en/charts/8285216/etcusd-d1-simplefx-ltd
DASH
https://www.mql5.com/en/charts/8285247/dash-d1-ava-trade-ltd
LTC
Same as with ETH, - 4H chart
https://www.mql5.com/en/charts/8285220/ltcusd-h4-simplefx-ltd
NEO
https://www.mql5.com/en/charts/8285252/neousd-d1-ava-trade-ltd
XRP
https://www.mql5.com/en/charts/8285230/xrpusd-d1-simplefx-ltd
