So guys, the market is becoming interesting again. After the failed assassination attempt against Donald Trump, crypto saw an amazing bounce because Trump is crypto-friendly, while Biden is against crypto. With Biden surviving this, it seems that victory is inevitable, at least against Trump. One might think that the market is trying to price in the win of a pro-crypto president.
Bitcoin
In the big picture, Bitcoin (BTC) is still on a huge uptrend and remains extremely bullish.
At this point, in lower timeframes like the 12-hour chart, we are in a bearish scenario. We had a high followed by a lower double top, and unless we break above that double top, we remain in a lower high area and a bearish scenario.
Ethereum
In the 3-day chart, we can see that we lost the bullish trendline from October, but it turned out to be a bear trap. The news that the ETH ETF will finally launch next week, with trading beginning soon, has helped return the market to a more bullish sentiment.
Solana
Solana looks really bullish. As I mentioned in my previous analysis, the target is $200, and we will get there soon.
Cardano
I like ADA. It broke the downtrend resistance and is now consolidating in a support area. I might consider taking a trade there.
Injective
INJ, like ADA, broke through the downtrend resistance, shattering it. Now we are heading to a resistance area. We must flip it and consolidate above $32. If this happens, we will head to a new all-time high.
Bittenshor
I love TAO right now. It also shattered the downtrend resistance and bounced on a double bottom. It will eventually test the previous all-time high.
So everything looks bullish, but Bitcoin is the king. If BTC makes a move, the altcoins will follow with even higher moves. I believe that BTC cannot move in an up-only mode; it must consolidate and provide entries for trades. In my opinion, it will make one more dip in the next two weeks. However, after mid to late August, I believe we will enter the next phase of the bull market when BTC will head above its previous all-time high prices. At that point, the altcoins will finally give us some amazing returns—not only the strong alts but even the most forgotten ones.
Here you can read my previous market analysis and thoughts.
Posted Using InLeo Alpha
