While Bitcoin has remained steady in a downward range, showing little directional certainty, several altcoins have been quietly gaining strength. as market When consolidated, these smaller assets could signal an early upward move before BTC breaks out.
Key resistance to watch: $90,588 and the downtrend line
According to recent information, update According to Kamile Uray, the key levels tracked on the daily chart remain unchanged as the focus remains on the $90,588 level and the descending blue trendline. unless BTC If there is a possibility of an exit above these levels, the current decline could continue. An uptrend below the blue downtrend is considered a correction rather than a trend reversal.
The first support zone to watch during the decline is between $83,822 and $82,477. A daily close below $82,477 could indicate a continuation of the downtrend and open the door to the $74,496 to $71,237 zone marked by the blue box. This lower zone is considered a strong support area where buyers may intervene.
Therefore, it is important to see a clear reversal before considering a significant rally. If it is confirmed, the rally will continue towards the blue downtrend line and potentially test resistance levels along the way.
For the uptrend to definitively resume, BTC needs to close above $90,588 and break through the descending resistance. On the other hand, a daily close above $94,130 may confirm a break in the blue downtrend and signal a transition to a sustained trend. bullish Momentum.
LTF movements are less impulsive, but structure is maintained.
Crypto Analyst Penguin noticed Although the overall count remains the same, we see a slight decrease in impulsive actions in the lower time frame (LTF). The recent movements in LTF appear to be noise and do not affect the broader wavenumbers, and the reliability of the leading diagonal of wave 1 remains intact.
Let's put Elliott Wave analysis aside for a moment and rely on standard technicals. analysisBTC clearly respects defined ranges. As a result, the slight divergence to the 0.886 level marked on the chart is being closely monitored as a potential entry point.
If BTC manages to close above $90,500, it would provide bullish confirmation and invalidate Bitcoin as it currently stands. bearish This scenario suggests the possibility of a more sustained upward trend. Until then, short-term fluctuations will be considered normal noise, especially as the annual open price approaches.
Momentum appears to be maintaining on the altcoin side, suggesting potential. upward. The outperformance has already been noticeable for altcoins like XPL, showing that some altcoins are starting to rise while BTC is consolidating in value.
Featured image from Getty Images, chart from Tradingview.com
