The recent price behaviour of Bitcoin has stirred many discussions in the crypto circles. While >Bitcoin< has attempted to break its current range trading, the efforts dissipated at the higher levels. The market volatility now appears to be dwindling as Bitcoin returns to its range and trades at around $26,000. Considering the trend of the past few days, the two prevalent doji candlestick patterns on the weekly chart suggest an ambivalence regarding the future trajectory of Bitcoin's price. Though predicting the exact direction of the breakout can be greatly challenging, near-term downsides may be bridged by the potential for an approval of a Bitcoin exchange-traded fund by the United States Securities and Exchange Commission (SEC). The former commission chair, Jay Clayton, even confidently predicted such an approval as "inevitable." Despite the fluctuating course of Bitcoin, other major altcoins are showing early signs of potential strength. As crypto enthusiasts, we now closely follow the top five cryptocurrencies in anticipation of a possible rally that may transpire if they manage to break out of their respective overhead resistance levels. Toncoin, for example, is experiencing an upswing, although the bears are endeavouring to halt its progress near the overhead resistance at $2.07. The daily chart of Chainlink too exhibits interesting patterns as it continues to trade inside a large range for the past several months, between $5.50 and $9.50. It managed to stay above the range support at $5.50, giving token purchasers a good reason to stay optimistic.
Another exciting token, Maker, is trying to find its footing near the $1,000 mark and may soon resume an upward surge. Finally, Tezos is piquing interest as it meanders near the powerful support at $0.70.
Thus, taken together, while Bitcoin may have entered a phase of range-bound trading, the crypto market shows dynamic movements among other prominent altcoins, providing an intriguing field for considerate market participations. But, cold showers ahead, volatility is the name of the game and the game is risky. Plan your play in that game following your own research and strategic intuition.
Source: Cointelegraph
