It’s been 2 stormy weeks for BTC & the sector. Big aggressive dumps have been happening with some critical moments, especially after breaking the 10K mark at some point and panic selling everywhere. Nonetheles, BTC resisted and key 10K$ level was saved. The move from 13-14K zone to 10K was technically surprising and very aggressive, and it came together with the classic Chinese/Korean ban FUD. Given that BTC fundamentals and interest keep improving day by day, this has been most likely a big and well planned shakeout after a massive run in last Q4 2017. The key point that shows if this is a shakeout or a start of bearish trend is the 10K$ level, and for now, every time it went close to that was rejected quick, which indicates that the megabull is not likely stopping here.
To confirm that the megabull trend keeps intact is needed to break the 13-14K level again, which now it’s been converted into a big supply zone. By the way things are going, looks like BTC will stay sideways in that 11-13K for some more days and then we’ll see what happens, but in my opinion the worse has already happened.
In the altcoin land, generally speaking alts have not moved at all in BTC terms but obviously dumped in $ terms. All em, except the ETH beast, which is moving almost immune to everything. The ETH flippening this year seems inevitable for obvious reasons (utility, development, hype, big capitals, everything) and will be the first cryptocurrency to flip BTC in the history.
In the rest of altcoins, we’re seeing a diminishing volumes and movement trend lately, just as every January-february. These are historical months of no movement at all and is in march when the big inflow of money starts going into alts. Will happen the same this year? Who knows, but everything seems to indicate so.
In any case, alts are a sure bet that are going to pump at some point as always. The real battle is in BTC, and keeps being absolutely KEY to not dump below 10K mark NEVER AGAIN.