5.6 Midday Market Brief: Bitcoin steals the show, while Altcoins are just running along? Don’t be fooled by appearances!

Bitcoin’s move still isn’t over. Look at how every time it prints a new high, it steps back down to tag support—confirming the support holds—before it pulls back up again. After 80,738 came out, it dropped to 79,590, then broke 80,885 and surged to 81,792. Now it’s back from 81,792 to retest 80,885; after tagging 80,885, it bounces back up again. As long as 80,885 isn’t broken, any subsequent new highs are only a matter of time. There’s a flag pattern and resistance around 82,192 stacking together—if you want to break it, you’ll need to break them together. Once it clears that, then watch around 83,437. If you really want to see a pullback, you must first see a drop that breaks below 80,885 before there’s anything to discuss; once it breaks, look to 79,590. If it doesn’t break, there’s no need to even think about shorting.

On the trade plan, it’s simple too. If it breaks through 81,405 with strong volume, you can enter from the right side (after confirmation) to go long, targeting 82,192 and 83,437. If 80,885 breaks down on strong volume and the rebound can’t reclaim it, then enter short from the right side, looking lower to 79,788 and 78,761.

As for Altcoins, they truly can’t be compared to Bitcoin. Bitcoin has already made new highs, but Altcoin can’t even get past 2,400. It also broke down below 2,376—extremely weak. If it wants to take off, it has to climb back above 2,376, and it also needs a solid, clean break through 2,400. Otherwise, even if it rises, it won’t be meaningful. Pay attention to its wedge: once 2,343 support can’t hold, it will basically be headed to test 2,307. In that case, the structure will turn bad, and it will be really hard to climb back up again.

If you’re watching for a rebound: as long as it pulls back to 2,313 and holds, you can sneak in a long. If 2,297 breaks, you must run. If it breaks below 2,353 on strong volume, you can chase a short. If you want to go long, wait for it to stabilize above 2,371 before taking action, targeting 2,400 to 2,422. There’s a potential shorting opportunity around 2,464; if it breaks 2,500, use that as the stop-loss level. For left-side longs placed at 2,278, if 2,230 breaks, you have to accept it.

Overall, Bitcoin is having fun trading by itself, but Altcoins are dragging behind—there are some hidden risks. Don’t try to guess the top. If the price hasn’t reached the levels, just wait; once it breaks, act—if it doesn’t, just watch.