We have stated in our previous analyzes that we maintain our bullish expectation in Bitcoin and that bottoms are buying opportunities. After the decline experienced yesterday, we observe that the market is greening again today.
With the deceleration of the rise in Shiba Inu, we observe that there is a money flow throughout the market.
In line with the expectations, an attack came from Dogecoin after SHIB. Showing an increase of 40% today, Dogecoin rose to 9th place among the 10 most valuable cryptocurrencies, ahead of SHIB.
While the contention between SHIB and Dogecoin continued at full speed, the shift of the market’s volume in this direction infuriated the investors waiting in altcoins.
The OBO formation, which showed the target of $ 52,000 in Bitcoin, was making investors nervous. However, we have seen many times that OBO patterns do not work in bull markets. With the rise that came today, we went above the neck region of OBO again.
At this point, the closing of the day above $ 60,000 will greatly contribute to the relief of the market. Our next resistance level for short-term moves is located at $61100. Persistence of Bitcoin above $ 60,000 will increase the risk appetite in altcoins.
Regardless of short-term fluctuations, we maintain our bullish expectation in Bitcoin and altcoins for the upcoming period.
*Not Investment Advice.