The cryptocurrency markets experienced another month of downward pressure in terms of market cap on a whole. The total market cap of all coins fell from a high of $470 billion in early May, to a low of $303 billion near the end of the month.
For “altcoin season” to occur over the next few months, Bitcoin and alternate cryptocurrencies will need to overcome some significant levels of resistance in the month of June.
However, the markets have primed themselves for some bullish momentum in June. Will this momentum continue to and lead to increased prices?Bitcoin Suffers Another Bearish Month, But Are Bitcoin’s Woes Nearly Over?
May 2018 proved to be a difficult month for the bulls of BTC. Bitcoin started the month well, reaching a peak of $9,990. However, BTC then dropped by almost 30%, reaching a low of $7,040.
Recent price action has suggested that the potential for a short-term reversal is quite likely, as price makes an attempt at the upper resistance line of a long-term symmetrical triangle.BTC/USD Price Analysis – Long-Term Overview
BTC/USD – 1 Day Chart –
Are we trading in a bullish or bearish market condition?
From a long-term perspective, Bitcoin is neither trading in a bullish or a bearish trading condition. Instead, the market has elected to trade within a period of consolidation, specifically within the range of a symmetrical triangle as shown in the chart above.
BTC has been trading within this symmetrical triangle since mid-January 2018 for a period of just over 4 months. We can see that price action begins to make a series of lower highs and higher lows typical of a colidtation period.
For the market to be considered as a bullish market, price action would have to break above the upper resistance line of the symmetrical triangle, then confirm strength by holding above the $10,000 price level.
For the market to be considered a bearish market, price action would ...