BTC vs. Altcoins: A Divergence From May 17, 2021 By Van Tharp Trading Institute
We see some very interesting market dynamics with the recent sell-off in BTC price. For the first time in a long time, we see a divergence of BTC vs the Altcoins: While BTC has gone sideways for a good number of weeks now and just broke lower, many Altcoins have increased in price a lot and only show now a healthy pullback.
BTC determines the overall Crypto market type and everything depends now if BTC can regain ground (Rebreak of resistance), or if it needs to pull back even deeper. With the latter scenario, we might actually see BTC drop by more than 50% (while the Altcoins might drop even more than that).
The market is currently at a “pressure point” that can be clearly defined by price levels of support & resistance. Should price re-break resistance higher, we might see a “hell of a ride” higher into the targets $100K and $500K. Check out for yourself over the next coming days/weeks which way BTC decides to go and act accordingly.
