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It’s been an amazing 2021 so far for the crypto market, we are seeing:
- Crypto adoption across all areas of life increase
- Institutional demand for Bitcoin soaring
- Crypto adoption by banks, market places, and a lot more…
It is practically the best time to be alive as a crypto trader/Hodler! Especially with Altcoins surging. However, the biggest question is How long will this Alt-season last?
Bitcoin A Caged Beast
The Altcoin market performs the best when the Bitcoin price is undecisive and ranging. And all through this week, the Bitcoin price practically did nothing. Instead, we saw a lot of bullish and bearish patterns that didn’t follow through.
This was the same thing as last week also and we saw the way Altcoins performed in both these weeks.
If this ranging market continues to occur all through next week, we can expect to see the Altcoin market perform better and return massive gains to traders! However, if Bitcoin decides to move, its direction will determine what will happen to Altcoins in the coming days.
Should You Be Bullish Or Bearish On Bitcoin?
Why Not Be Both?
Bitcoin is still in no man’s land, meaning it can either move higher or lower in the coming days. Knowing the levels to watch for Both the bullish and bearish price scenarios is very important in order to be prepared for whatever the Bitcoin price throws at you come next week
Bitcoin Bullish Price Prediction
For our bullish price prediction, check out this short Youtube video where we talk about the bullish patterns playing out on the Bitcoin chart!
Bitcoin Bearish Price Prediction
In a previous prediction Bitcoin Price Still Ranging! Is This A Sign Of Doom? we talked about the bearish pattern setting up on Bitcoin and the key levels to watch. If this bearish pattern plays out next week, we can expect to see the Altcoin market dump hard!
Related Article: How To Short Bitcoin
This week’s Cryptocurrency Performance by Market Cap
|Name||7 Days Return||30 Days Return|
The 3 cryptocurrencies with the highest returns for the week are DOGE 38.04%, BCH 36.14%, ETH 34.02%
Ethereum Tells A Bitter Truth
Ethereum was one of the big gainers this week, surging more than 34% in value. This brings its gains to a total of 44% for this month of May alone (and this is only the first week).
However, it is important to note that prices surged too high, too fast and every time we see price make this kind of massive surge, it is always followed by a retracement. We already saw this play out in DogeCoin which we will be talking about in more detail below.
There is a high probability that we might enter into a slight consolidation or retracement soon.
Taking some portion of your profit at this point would be wise. Especially if you bought Ethereum when we called it out back in April when the price was still trading at the $2,100 region Ethereum Playing Out As Predicted! More Bullish Confirmation.
What Does This Mean For Altcoins?
Ethereum is a leading indicator for the Altcoin market, so if Ethereun enters into a consolidation state, we can expect to see Altcoins take a brief breather as they likely retrace next week to accumulate momentum and maybe continue the bull run.
Our best advice to our readers is to be cautious come next week. Protect the gains you have accumulated so far by taking a portion off the table.
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The DogeCoin Dump. What Should You Expect Next?
Dogecoin was one of the biggest gainers this week, but the Altcoin had a flash crash today. This crash saw Doge losing 45% of its value in a matter of hours before finding support and bouncing, creating strong support on the 4-hour chart we can watch!
This price dump was a retracement of the massive rally we were in just recently and right now, we can expect to see the Dogecoin price continue to head up to at least retest the ATH at 0.718478 soon.
But that bullish price prediction can only occur if this support at 0.376489 price level holds. This level as served as resistance before back in April so we expect it to become pretty strong support now.
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BCH: History Might Repeat
Bitcoin Cash was also one of the big gainers for this week as the Altcoin continued its massive surge from the $700 lows. However, if you look to the left, we can see BCH has made a price surge very identical to this before
After the surge occurred, we saw a more than 50% retracement in price. If history were to repeat itself, then there is a high probability that we might see BCH retracing next week. The key level we are watching is the $1,142 support.
If this support holds, we can expect to see BCH bounce and keep on heading higher.
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- We are neutral on Bitcoin as we enter next week. We want to see price pick up momentum and breakthrough one of the levels we have mentioned above.
- Ethereum is still very bullish. However, we do expect to see a price pullback next week so we will be cautious.
- Dogecoin on the other hand already had its pullback and found support. We expect the price to keep on heading higher next week and we will remain bullish on this Altcoin as far as the 0.376489 support holds.
- History might repeat on the BCH pair. We want to see the Altcoin find support on the $1,142 support and then bounce.
For More Price Prediction
For more trading ideas watch our Youtube video where we dive into the technical analysis of some of the biggest Altcoins in the market.
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