5.6 Midday Market Brief: Bitcoin Leading, Altcoins Following? Don’t Be Fooled by Appearances!

Bitcoin’s trend isn’t over yet. You see, every time it hits a new high, it pulls back to support, confirming it holds, then pushes higher. After hitting 80738, it dipped to 79590, then broke through 80885 up to 81792, now it’s retesting 80885 from above, and after testing, it’s bouncing back up. As long as 80885 isn’t broken, new highs are just a matter of time. There’s a flag pattern and resistance at 82192 stacked together; to break through, they must break together. Once past, look around 83437. If you want a pullback, it must break below 80885; if it does, then watch 79590. If not, there’s no need to consider shorting.

Trading is simple: with volume, a push above 81405 can be chased long on the right side, targeting 82192 and 83437. If 80885 drops with volume and then rebounds without holding, chase short on the right side, targeting 79788 and 78761.

Altcoins really can’t compare to Bitcoin. Bitcoin has hit new highs, but Altcoin Two can’t even break 2400, and it’s fallen below 2376—weak as hell. To take off, it must climb back above 2376 and break through 2400 solidly; otherwise, gains are meaningless. Watch its wedge pattern: if 2343 can’t hold, it’s likely to test 2307, and that would break the structure, making it very hard to rise again.

If you see a rebound, and it retests 2313 and holds, you might sneak in a long. If 2297 breaks, you must exit. If volume pushes it below 2353, you can chase short. To go long, wait until it stabilizes above 2371 before acting, targeting 2400 to 2422. There’s a shorting opportunity around 2464; stop-loss at 2500. For longs with a position at 2278 on the left side, if 2230 breaks, you must accept it.

Overall, Bitcoin is having fun on its own, but Altcoin Two is dragging behind, which poses some risks. Don’t try to guess the top; wait until the position is right. If it breaks, go for it; if not, just watch.