Looking at Bitcoin ( BTC ) on BitMEX, we see that the range is becoming clear. The higher end of the range on a 4-hour bar is 9640. Bitcoin ( BTC ) ran up there yesterday but got rejected. The lower end of the range seems to be 9000. That feels like an application of the theory that an even number provides psychological support.
Bottom Line: We are ok with the fact Bitcoin ( BTC ) is bound in a range. We believe it gives other cryptos a chance to rally vs. Bitcoin ( BTC ). It's not alt season, but alts can do better in this environment.
DISCLOSURE: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. The Token Metrics team has invested and advised in many blockchain companies. A complete list of the team disclosures, advisory roles and current holdings can be viewed here: https://blog.tokenmetrics.com/disclosures/.