Bitcoin still seems to be stucked in a limited range but altcoins that are given in this post started to provide better profit if they bounce off their key support levels. This week Digital Assets Data CEO Mike Alfred told Cointelegraph that mainstream investors are still “skeptical of Bitcoin and the ecosystem.” In addition to this, he also stated following words.
This “skepticism and disbelief” will turn out to be a positive for Bitcoin (BTC) because when the “traditional folks capitulate, they will be forced by their clients and partners to get involved at significantly higher prices.”
While Bitcoin has struggled to start a sustained uptrend in the past few weeks, select altcoins and tokens in the DeFi space have been in a strong bull run. This shows that traders attention has shifted away from Bitcoin.
Pantera Capital founder and CEO Dan Morehead believes that the DeFi space will outrun Bitcoin in the next five years and grow by about 100x.
In the long-term, most analysts are uber bullish on the crypto space but what can traders expect in the next few days?
Let’s have a look at the cryptocurrencies that could offer short-term trading opportunities and spot the critical levels on each of them.
Bitcoin completed a bullish inverse head and shoulders pattern on July 27 when it closed above $10,500 and usually the price retests the breakout levels of such reversal patterns.
While most major cryptocurrencies are searching for a bottom, Binance Coin (BNB) has resumed its uptrend and made a new 52-week high, which is a sign of strength.
The failure of the bears to sink and sustain NEO below the breakout level of $16.72441 attracted buying by the bulls who pushed the price to $21.97869 today.
The correction in Yearn.finance (YFI) that started on Aug. 31 found support close to $21,345, which was the 50% Fibonacci retracement level of the entire run-up from $3,000–$39,690.
Chainlink (LINK) has thrice turned down from the $13.28 levels since Sep. 6 but the positive sign is that the bears have not been able to sink the price below the trendline, which shows buying at lower levels.