Bitcoin’s attempt to break out of its range has failed, suggesting that range-bound price action may continue. Altcoins TON, LINK, MKR, and XTZ are showing signs of strength and could potentially start a rally if they break above their respective resistance levels.
– Bitcoin is back inside its range and trading near $26,000. Uncertainty about the next directional move is indicated by two successive doji candlestick patterns on the weekly chart.
– The downside for Bitcoin may be limited in the near term due to expectations that the SEC may approve a spot Bitcoin exchange-traded fund.
– Only a few altcoins are showing strength in the short term.
– TON is in an uptrend but faces resistance at $2.07. A rally above this level could lead to a surge to $2.40.
– LINK has been trading inside a range between $5.50 and $9.50. A break above the 20-day EMA could start a journey towards the 50-day SMA.
– MKR has taken support near $1,000 and is attempting to resume its uptrend. Bulls are facing resistance at the downtrend line.
– XTZ is witnessing a battle between bulls and bears near the strong support at $0.70. A close above the 20-day EMA could pave the way for a rally to the downtrend line.
In summary, Bitcoin’s failed breakout suggests continued range-bound price action, while a few altcoins show signs of strength and potential for a rally if they break above resistance levels.