While Bitcoin continues its horizontal movements under $50,000, we observe that the vitality of altcoins is increasing.
In our analysis dated December 19, we pointed out the positive mismatches in Bitcoin and stated that it is likely to rise above $50,000 again in the short term.
With the positive dissonance working, we observe that we have risen above $49,000 again today. At this point, seeing that an important resistance level has been broken strengthens our short-term uptrend expectation.
With its limited rise today, Bitcoin managed to break above the daily MA20, which it has been trading under for 36 days. While this is positive data for investors waiting inside, new entrants should watch if the daily close will be above $48443.
If we see a daily close above this level, a new entry can also be considered in altcoins, with our Stop level being daily closes below the MA20.
At this point, our next resistance levels will be $52666 and $55400.
The level at which we will test whether there will be a new ATH in Bitcoin in the short term will also be determined by the price movements that will occur in the area shown in red on the chart.
*Not Investment Advice.