Bitcoin remains steady within a bearish range and shows little directional conviction, while several altcoins are quietly building strength. Like the market consolidates, these smaller assets could signal early upside before BTC breaks out.
Main resistance in view: $90,588 and the falling trend line
According to a recent update According to Kamile Uray, there are no changes in the key levels tracked on the daily chart as the focus remains on the $90,588 level and the descending blue trendline. Unless BTC If the economy can close above these levels, the current decline could continue. Any upward movement below the blue downtrend is considered corrective rather than trend reversal.
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The first support zone to watch during the decline is between $83,822 and $82,477. A daily close below $82,477 would mean a continuation of the downtrend and could open the door to the $74,496-$71,237 zone marked by the blue box. This lower zone is seen as a strong support area for buyers to enter.
Thus, clear confirmation of the reversal is critical before considering a significant upward move. Once confirmed, a rally towards the blue descending trendline could ensue, testing resistance levels along the way.
To definitively resume the uptrend, BTC would need to close above $90,588 and break the descending resistance. Meanwhile, a daily close above $94,130 would confirm that the blue downtrend has been broken, potentially signaling a shift to sustained optimistic momentum.
LTF movements show fewer impulses, but the structure holds
Crypto analyst The Penguin noted that the lower time frame (LTF) shows slightly less impulsive action, although the total number remains unchanged. The recent movements on the LTF look more like noise and do not affect the broader wave count, and confidence in a leading diagonal for wave 1 remains intact.
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I’ll put Elliott Wave analysis aside for a moment and lean on standard technique analysisBTC clearly respects a defined range. As a result, a small deviation towards the 0.886 level on the chart is being closely watched as a potential entry point.
There will be a bullish confirmation if BTC manages to close and hold above $90,500, which would invalidate the current price. bearish scenario and point to the potential for a more sustainable upward trend. Until then, the short-term fluctuations are considered normal noise, especially with the annual opening approaching.
On the altcoin side, momentum appears to be holding, indicating potential upside down. Outperformance is already visible in altcoins like XPL, indicating that as BTC consolidates, some alts are starting to push higher.
Featured image from Getty Images, chart from Tradingview.com