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Bitcoin remains resilient as it holds above $11,000 while altcoins saw red on Friday
Bitcoin appears to be holding resistance above $11,000 while altcoins have taken another hit as most of the top 100 coins saw red on Friday morning. Alt coins did see some green on BTC pairs but overall were down in USD.
BTC/USD chart provided by Tradingview
Bitcoin has seen major volatility over the past two weeks, not giving alt coins the chance to break out or recover adequately. Twitter users and traders continue to eho the sentiment that alt season is still coming, although at this point most people might be skeptical about when and if alt season will ever happen.
Bitcoin could be set for another major move to the downside as it sits at $11,000 resistance while a major move to the upside is also not being ruled out. The indecisiveness on BTC price action could mean that alt coins are not going to be doing any major upward movement for the foreseeable future.
Couldn’t hold above it and formed a lower-high on MTF; gimme my 9.3k glory... https://t.co/gVbhSlpFEm
— Nik Patel (@cointradernik) July 5, 2019
Hardly anyone talking about alts at the Taipei conference.
— Nick Cote (@mBTCPizpie) July 5, 2019
Very telling.
Just bitcoin and blockchain
I remember us making this joke 1 year ago.
— DonAlt (@CryptoDonAlt) July 4, 2019
People loved it while totally missing the point.
Imagine thinking altseason starts and you buy these green candles on $NCASH and $KEY.
— Crypto Michaël (@CryptoMichNL) July 4, 2019
Safes you 3 weeks of downwards movements, as it instantly drops 40% in 10 minutes.
Good game.
Your favourite altcoin pic.twitter.com/BNwAjeRRMm
— TEDDY 🌐 (@teddycleps) July 4, 2019