Bitcoin is hogging all the limelight, but SOL, AR, GRT and FTM are also trying to move higher.
Bitcoin (BTC) has risen over 8% this week, indicating that lower levels continue to attract buyers. Generally, in a range, traders buy near the support and sell close to the resistance. This suggests that the price may reach the top of the range at $73,777, but clearing this hurdle might be difficult.
Analysts are divided in their opinion about Bitcoin’s next directional move. Some believe that the correction is over and Bitcoin will break out to a new all-time high, while others expect Bitcoin to turn down to retest the $60,000 support and go lower. It is difficult to predict the direction of the breakout from a range with certainty. Hence it could be prudent to wait for the price to start a new trend before establishing large trading positions.
As Bitcoin consolidates, traders may look toward altcoins for short-term trading opportunities. Although a full-blown altseason has still not arrived, select altcoins are likely to present trading opportunities.