Popular analyst Nicholas Merten sees bullish signs for altcoins. So far, it has been a bull run with Bitcoin and memecoins stealing the show. Can some major altcoins finally show themselves?
Positive signals for altcoins
Nicholas Merten argues that altcoins could start rising within the next few weeks if Bitcoin manages to turn some resistance levels into supports.
“We talked about one or two possible scenarios for Bitcoin. We talked about the painful scenario, where we drop back to the 200-week moving average at $38,000, which I think is still a possibility; if there is no positive price action in the coming days.
Or we have the scenario where we see an inverse head and shoulders pattern, or at the very least a recapture of the previous July lows, with some short-term moving gems recaptured and the trend turning upwards again.
Hopefully we will then be in a position where we can move towards new all-time highs. These kinds of things will give altcoins the foundation to really move up again in the coming weeks; and to see clear narratives emerge,” Merten said.
In Merten’s chart above, we see the inverse head and shoulders pattern, where Bitcoin could rise to $70,000 in a favorable scenario.
Strong Market Structure for Bitcoin
Merten also says that Bitcoin shows a strong structure on the hourly chart. For him, the Bitcoin price around 60,000 dollars is a very important one. If Bitcoin can finally recover that price, that would be a good first step.
“We are now seeing the first steps […]. We are slowly but surely trending up and are now testing support at some key averages.
If we can hold this and get above $60,000 for good, that would be a very positive signal. Then comes the big question: are we going to stay above the long-term moving averages?
If we get above $65,000 and can generate a weekly close there? Then that would be a very positive step for the bulls and the narrative that we are going to rise,” the analyst concludes his story.
Source: https://newsbit.nl/analist-ziet-bullish-signalen-voor-altcoins/
