Even while seeing altcoins retracing, which all were having a great/amazing (and continue to have) run, it is still all good as this new money supports long-term growth.
So, once Bitcoin and the big Altcoins have their fun, the money will flow back to the smaller altcoins and the entire market continues to grow.
Retraces and corrections are completely normal and part of the market cycles.
Now, feel free to hit LIKE and let's have a look at Bitcoin ( BTCUSD ) on the Weekly (W) timeframe.
Last week we had a candle and prices closed at $9944.
This is really good for the reasons that I mentioned above.
Bitcoin continues to grow now with prices sitting at $10245 but there is one last barrier left.
If we want to see higher prices, say $13,000 or even $14k, prices for BTCUSD need to move and close above $10,400/$10,500 and stay there.
If Bitcoin manages to conquer this wall, we are likely to see additional growth (green arrow)...
Yet, if Bitcoin stays below $10400/$10500 once again, we will see a drop that will likely hit around $6k (red arrow).
This is it for the weekly analysis... Feel free to share your charts with us in the comments section below.
This is Alan Masters.
Thanks a lot for your support.