Bitcoin’s target is the key Wyckoff level of $36,000, and altcoins will “grind up heavier”


Bitcoin (Bitcoin) Moved towards the critical Wyckoff level on July 6th, as the price movement of BTC made traders excited about the surge of altcoins.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Wyckoff focuses on less than $36,000

Data from Cointelegraph Markets Pro with Transaction view On Tuesday, BTC/USD rose 4.6% from the low of the previous trading day.

After seeing the $33,000 support level test, the bulls won overnight, pushing Bitcoin higher. Now, a key area to watch is $36,000, said popular analyst Rekt Capital.

According to Wyckoff’s analysis (a popular method of drawing BTC price trends), $36,000 marks the possible end of the “C phase” and the beginning of the “D phase” of BTC/USD-its trajectory is favorable for the upward movement.

“BTC fell to an area of ​​approximately $33,000 and maintained its orange high perfectly,” Rekt Capital commented next to the chart on the day.

“According to the Wyckoff cumulative diagram, Bitcoin We are now in the final stage of stage C. Bitcoin Need to break through 36,000 US dollars to enter the D phase. “

The BTC/USD Wyckoff scenario as of July 6. Source: Rekt Capital/Twitter

As Cointelegraph Report, Current potential higher targets include unfilled CME futures gaps above $46,500. If this happens, it will be a major move because Bitcoin will effectively exit the trading range it has been sitting in for several weeks.

Trader Filbfilb provided a more thought-provoking view. He warned that shorts still control the level that attracts the highest volume, the so-called “point of control” or POC.

“The trend is still going down,” he to sum up The rebound was higher before Monday.

“Bears dominate the middle of the POC/range. Until the POC becomes support, it’s just that.”

BTC/USD 1-day candlestick chart with annotations.Source: Filbfilb/Twitter

Bitcoin and altcoins are in a sharpening game

At the same time, in the medium term, the condition that altcoins benefit more than Bitcoin may be correct.

related: Analysts believe that as the London fork approaches, the price of Ethereum can rise by 40% on Bitcoin

Trader Michaël van de Poppe believes that in an atmosphere where cryptocurrencies are generally “rising” rather than soaring, it may not only be BTC/USD that forms the point of interest.

“The most likely expectation is that in the next period of time, the price of altcoins will be much heavier than Bitcoin,” he said. tell Twitter fans on Tuesday.

“They looked great, but they were destroyed when Bitcoin last fell to $30,000. Therefore, I expect them to continue to outperform #Bitcoin in the coming months.”

Some of the top 50 cryptocurrencies by market capitalization woke up overnight, gaining more than 10%. Ether (Ethereum) Is the largest altcoin, rising 3% to US$2,340. At the same time, many DeFi tokens have performed well in the past 24 hours, namely SUSHI and AAVE, which have risen by about 20%.