Altcoin Season Forces BTC Sideways, Will it Break $4,000 Soon? By Cryptovest

Bitcoin (BTC) Technical Analysis: Altcoin Season Forces BTC Sideways, Will it Break $4,000 Soon?

has taken a backseat in the market over the last week as altcoins enjoy a season in the sun. BTC is currently up a mere 0.30% against the US dollar over the last 24hrs while other coins in the top 10 are recording 2-7% gains.

The exodus of traders from Bitcoin over to altcoins has resulted in the #1 cryptocurrency pushing sideways, as volatility drops to uncharacteristically low levels. For now BTC remains range bound between two key fibonacci retracement levels; the 0.5 level at $3,850 and the 0.618 fib level at the psychological $4,000 resistance.

Breaking over this key price point has proved to be difficult for BTC bulls over the last two week and is likely to continue posing as a solid resistance until trading volume and volatility increase.

On the 1D chart we can see that the asset has been tracking inside of a bullish ascending triangle pattern since December last year, between a strong uptrending support and a flat resistance along the 0.786…

This article appeared first on Cryptovest

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