Bitcoin (BTC), which saw a rapid upwards movement during the Wall Street trading session of March 18, in line with predictions that higher levels would be retested.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Placed bets on $46,000
Data from TradingView and Cointelegraph Markets Pro followed BTC/USD’s rise of $1,650 from daily lows up to almost matching the $41,700 high in March 16.
This move buoyed traders who started to strengthen their short-term view that levels near the top Bitcoin’s 2022 trading range were being challenged.
Pentoshi, a popular trader, said that such a result did not indicate that BTC/USD has ended its downtrend.
“Macro headwinds are still too strong, but midterm I think we rally before any shot at new lows. He said that he leans towards the up and down imo late Q2,” he shared with Twitter followers.
As Cointelegraph reported this week, cold feet over macro conditions became a major concern with multiple predictions for a major drawdown across major asset classes, including BTC, this year.
Matthew Hyland, an analyst, noted that support was increasingly being offered by the $40,000 resistance.
Looks like #Bitcoin has been using previous resistance ($40.3k) as new support the past few days Lets see if continues to rally: pic.twitter.com/PkkVYZ1LCG
Matthew Hyland (@MatthewHyland_), March 18, 2022
Crypto Ed had previously provided a near-term forecast for $43,000 BTC/USD, before a potential new consolidation period that was only then followed up by an exit up/down.
He showed them breaking out of the “bull flag” formation they had been in for several days in a later update.
However, Ether (ETH) was the more interesting focus of the day.
#BTC Patience is a virtue, but finally breaking out of that bull flag pic.twitter.com/tCH9kVt7W6
— Ed_NL (@Crypto_Ed_NL), March 18, 2022
Bitcoin was at $41,500 as of the writing. Volatility is still high.
For a summer “altseason”, ll aboard
Altcoins: The top ten cryptocurrencies ranked by market capital saw varied movements in March 18.
Related: Bitcoin could see a $37.5K weekend dip, before a ‘bigger movement’ next week — New report
Avalanche (AVAX), ETH, and ETH led the list. They each climbed over 5% in less than 24 hours. However, other tokens were generally flat.
The ETH/USD traded at $3,000, up 15% in the last week.
ETH/USD 1-day candle chart (Bitstamp). Source: TradingView
These moves rekindled talk about “altseason”, with many commentators calling for a new golden age for altcoins in coming months.
Popular Twitter account BTCFuel suggested that the Summer could be a peak in prices.
2/ I will be using charts of #Bitcoin and #Ethereum to determine when the next altseason peak will occur. By aligning them “correctly” structure-wise, I found this provisional target zone when the peak should happen pic.twitter.com/8H1MyPONiF
— BTCfuel (@BTCfuel) March 17, 2022