Altcoins to the moon
In the last few days, the Altcoins have been very strong, pushing the Bitcoin prices north. The bulls kept buying at higher lows, and the BTCUSD almost touched 10,000 before it retraced some of the gains. Currently, we can see a significant market correction, and it will be interesting to follow the buyers’ reaction.
Dump Bitcoin for fiat
After a failed reverse head and shoulders pattern, the price kept rising until it reached 9800. Then, the correction started, and Bitcoin lost almost $1,000 in value in less than 24 hours. I would expect bulls to start buying again at 8800 and push the prices up to 9600, after which we may witness a double top formation.
Yesterday, for the first time since Bitcoin broke out of the 6000 level, the Altcoins were dropping but BTC was still moving up. This is the classic whale pattern of bounce, which we witness again and again. First, whales buy altcoins, pushing altcoins to the moon, then they profit in Bitcoin, and last, they dump BTC for USD.