Sheldon and Crypto Face on crypto banter outline techniques, strategy and approach to play for a huge Bitcoin event that will cause significant moves for Bitcoin and altcoins.
The fact that Bitcoin has established itself above the 200-day moving average is encouraging, and it should easily reach $51,000. However, if the 200-day moving average, which is at $46,000, is breached, the next significant support is $42000 – $43,000, according to Sheldon.
Bitcoin’s market dominance resistance retest has been rejected and is beneficial because when the market turns bullish again, Bitcoin dominance falls and altcoins move as the market is no longer insecure.
Ethereum’s market dominance is gaining traction, which means altcoins will follow suit. Furthermore, the market dominance of altcoins (all coins except Bitcoin) is continuing on the rise, with bullish divergence in play.
When Sheldon asks Crypto Face about critical levels to watch, he says he’s in and out at the present, but he believes the $50,000 area is a crucial resistance level, as evidenced by warps of technical analysis joining at the point like Fibonaccis and a head-and-shoulder shape forming earlier this year.
DOGE, XRP, ADA, LINK, DOT, RUNE, LUNA, XRune, Arweave, DFYN, KCS, CAKE, FTM, KSM, GRT, COTI, and MATIC are among the altcoins Sheldon is exploring.
This episode premiered on August 29th, 2021.