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Are Altcoins Ready To Explode This Summer?


March 4, 2021 · By MATheGooner
Bitcoin (BTC), Ethereum (ETH), Swipe (SXP)

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.

This episode premiered on March 4th, 2021.

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