Long Wicks Point To Collapse Of Bitcoin Compared To Altcoins
The 5-day candle shown from 25th May has a long upper wick showing exhaustion of bullish sentiment, which preceded an 8% drop until now.
Today we can see the same type of long upper wick forming on the current 5-day candle, which happens to be directly below the 5-day Ichimoku Cloud (a bearish situation).
Despite current market volatility and a consolidation range, it appears the overall altcoin market is ready to make significant advances against bitcoin itself.
The outlook for bitcoin is short. The outlook for altcoins is long.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
Today we can see the same type of long upper wick forming on the current 5-day candle, which happens to be directly below the 5-day Ichimoku Cloud (a bearish situation).
Despite current market volatility and a consolidation range, it appears the overall altcoin market is ready to make significant advances against bitcoin itself.
The outlook for bitcoin is short. The outlook for altcoins is long.
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
