Bitcoin (BTC) set course for the Wyckoff key level on July 6 when the price movement of BTC shook altcoin rally traders.

1 hour candlestick chart BTC / USD (Bitstamp). Source: TradingView
Wyckoff in the spotlight for less than $ 36,000
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD was up 4.6% from the previous day’s lowest Tuesday.

After seeing support tests of $ 33,000, the bulls won overnight and increased Bitcoin. Well-known analyst at Rekt Capital says that the primary area to look at right now is $ 36,000.

According to Wyckoff’s analysis, a popular method of charting BTC’s price movement, $ 36,000 marks the probable end of “Phase C” and the beginning of “Phase D” for BTC / USD – with a trajectory favorable for a trend.

“BTC fell to around $ 33,000 and maintained a lower orange high,” commented Rekt Capital next to today’s chart.

“According to the Wyckoff Accumulation Scheme, $ BTC is now in the very final stages of Phase C. $ BTC must overcome $ 36,000 to enter Phase D.”

Wyckoff BTC / USD scenario from July 6th. Source: Rekt Capital / Twitter
Potential higher targets currently include an unfilled CME futures gap above $ 46,500, reports Cointelegraph. If it does, it will be a significant move, as Bitcoin will actually break out of the trading area it has been for several weeks.

Handler Philbfilb presented a more realistic view. He warned that bears still control the levels that attract the most volume up to the so-called “control point” or POC.

He summed up that “the trend is still downward” on Monday before bouncing up.

“Bears dominate the POC / intermediate area. This will be until POC is supported. ”

Marked 1-day BTC / USD candlestick chart. Source: Filbfilb / Twitter
Bitcoin vs altcoins in the decisive game
In the meantime, conditions may be right for altcoins to provide more value than bitcoin in the medium term.

On the topic: Ethereum price could rise 40% compared to bitcoin, analysts say London fork is approaching

Trader Michael van de Poppe argued that in an atmosphere where cryptocurrencies “break” in scale, instead of launching them all the way up, interest can not be limited to BTC / USD.

“Altcoins are likely to be heavier than bitcoins in the coming period,” he told Twitter followers Tuesday.

“They looked great and were devastated by the recent $ 30K bitcoin downturn. So I expect them to stay ahead of #Bitcoin in the coming months. ”
During the night, some of the 50 largest cryptocurrencies by market value woke to more than 10% growth. Ether (ETH), the largest altcoin, rose 3% to $ 2,340. Meanwhile, there have been several DeFi tokens over the last 24 hours, namely SUSHI and AAVE, both up almost 20%.

Source: CoinTelegraph

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