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27 January 2020

Bitcoin Price Charts Aligning With Bakkt Launch Points to a Big Move

Bitcoin Price Charts Aligning With Bakkt Launch Points to a Big Move

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Though the Bitcoin chart is giving a bearish view through the descending triangle perspective, the overall market cap is not providing evidence of a bearish view.

The chart is giving a falling wedge structure through which the market is retesting an important support level.

If the market is able to reclaim the level as support, an upwards target of $370 billion can be the next move for the market (and the confirmation of a new range).

On the other hand, if the market is not able to keep this level as support, a likely retest of $160 billion is next, and this would take Bitcoin likely down towards the $7,500 level. .

The altcoin market cap broke upwards above $62-66 billion and currently testing whether this level can become support again.

The Bitcoin dominance chart is still showing the same “potential” bearish divergences as the market was showing the past week.

If the altcoin dominance breaks upwards here (showing the lowest RSI in history and potential bullish divergences on the 3D too), the trendline will remain intact and altcoins will be able to move upwards.

However, losing this trendline and the next level for a potential bounce is the 22% area, which equals 78% of Bitcoin dominance (and in that scenario, the Bitcoin price breaks upwards in a heavy volume move).

Ultimately a breakdown of the support follows, through which the price will be moving towards the 21 Weekly Exponential Moving Average (EMA) around $9,300, and support of the big descending triangle structure

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