Is this the start of another big rally or are we just bullish on the resistance as markets are trying to chase new highs again after Bitcoin broke $51,000 once more. Crypto Michaël takes a look at the charts to see if altcoins are ready to outperform Bitcoin this summer.
Bitcoin was in a downward trend before it broke above $45k, which was a critical level to hold. It made a beautiful flip at this range days later, which indicates further strength. There is a clear resistance at $52k as it has been rejected several times and can be classified as the range high. Michael says the $52k barrier has to be broken to retest the $56k zone (0:38).
Ethereum had a beautiful support retest at the $1400 range and got the upward momentum, but couldn’t break through the resistance zone around $1600. Michaël is building a case for Etereum’s repulse wave towards $1760 if the previous high of $1560 holds as support. However, if the previous high is lost[as support], $1400 will be the new support and possibly even $1300 to sustain strength (4:55).
There was a bit of banter from Michaël after he replied “SCAM or SWAP” to a fill in the gap from Swipe’s tweet for which they blocked him. He reiterates he is bullish on $SXP and expressed his dissatisfaction at the company CEO roasting him after he called them out on the joke (6:50)
Michaël says when an upward run like SXP had is seen, the areas to watch as support historically[chart] is the $1.8 range if a corrective move is to happen as the $3.2 range is most likely to be the resistance in a repulsive move.
SXP and many other altcoins valuation against BTC is still on the lows and currently flipping a level of support generating strength and higher lows for continuation in which levels around 10k, 16k any maybe even 25k[all sats] will be the target which is about 6x from current price.