Bitcoin's momentum is triggering potential rebounds for altcoins like SHIB, FIL, MNT, and AAVE in a bullish outlook.
Bitcoin is currently consolidating below the $100,000 level, indicating strong bullish sentiment among traders. This psychological threshold is not only a focal point for traders but also represents a key resistance level; once surpassed, prices could surge significantly. A successful breakthrough of this resistance could push BTC up to around $113,330.
The ongoing consolidation phase demonstrates resilience, particularly as the relative strength index (RSI) remains firmly in the positive zone, indicating sustained buyer interest.
Fueled by Bitcoin's strength, the altcoin market is beginning to gain momentum, as Bitcoin's dominance has fallen below its two-year support line. This shift typically marks the beginning of altcoin season, where altcoins start to outperform BTC. Traders are viewing altcoins such as (SHIB), (FIL), and (AAVE) as viable investment opportunities.
(SHIB) has made a significant breakthrough, surpassing the resistance level of $0.000030, initiating what appears to be a bullish trend. A typical head and shoulders pattern has formed, indicating a potential bullish reversal and suggesting strong market interest.
(FIL) has broken through the $6.77 level, consolidating a bullish rounded bottom pattern, showing strength. Maintaining a position above this level is crucial for further upward movement: FIL spot has successfully doubled: those who followed the advice of Lao Wang to buy in the range of $3.2-$2.8 can withdraw their principal while continuing to look for profits.
(MNT) has engaged with the $0.94 resistance level, and successfully breaking this threshold may pave the way for $1.10. Conversely, (AAVE) is showing resilience, turning the $200 level into a support level and seeking to clear the path to $260. Those who averaged down between AAVE $128-$150 can continue to hold patiently, aiming for $240, and exit at the target point while continuing to look for profits.
As the market develops, traders need to remain vigilant, especially in the altcoin space. Various charts' moving averages and RSI readings indicate that bullish momentum may continue, providing more opportunities for traders. Due to the potential upward movement of BTC affecting altcoins, the coming weeks may be a critical period for portfolio adjustments.
In summary, Bitcoin's resilience below the $100,000 mark and the strong performance of several altcoins suggest that the cryptocurrency market may be undergoing a transformation. Investors should continue to pay attention to key resistance levels and market trends, which may amplify the movements of Bitcoin and altcoins such as SHIB, FIL, MNT, and AAVE.
