Bitcoin remains in its triangle chart pattern while the top moving altcoins recover quickly from the slump of the previous four days.
A buoyant crypto market
The crypto market just will not remain depressed for long. Now seen by a growing number of financial experts as that “flight to quality”, as expressed by Blackrock CEO Larry Fink, value is continuing to seep out of bank deposits, bonds, and other poorly faring financial assets into a wonderfully buoyant crypto sector.
Bitcoin holds firm
Source: Trading View
Some might have called for bitcoin to crash below the $36,000 support, but after three red candle days the price has bounced from around $36,200 and remains inside what appears to be a bullish triangle.
Kaspa leads the charge
Source: Trading View
While bitcoin maintains its important level some altcoins have bounced back strongly. Kaspa (KAS) is one of the forerunners among the altcoins. Since mid-October $KAS put on as much as 131%. The recent dip saw a 21% retrace, and now $KAS is looking to break out of a bull flag. With ground-breaking technology and a stellar community behind it, expect $KAS to continue to forge upwards.
Solana set to break out again
Source: Trading View
The Solana (SOL) price took a 19.6% haircut in this latest dip and is also forming its own bull flag. A measured move for a break out to the upside could see $SOL move to the next big resistance at $75.
It might appear that the crypto rally is not done yet. However, after such a fantastic year for crypto the writing must be on the wall for an eventual solid pull-back that investors will be able to take advantage of. However, traders should exercise the utmost caution and utilise proper risk management.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
