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A closely watched technical analyst says the outlook for altcoins will remain precarious until Bitcoin breaks through a well-defined ceiling between $120,000 and $123,000, arguing that the weekly chart still commands caution while momentum lags.
Why Altcoins Are Still In The Danger Zone
Kevin (@Kev_Capital_TA) framed the current setup bluntly: “This weekly BTC chart remains the most important chart out there for us to examine. While below the 120–123K zone and the weekly downtrending resistance on the weekly RSI I have to remain cautious.” He added that he would be “the most bullish person on the timeline” once those levels are cleared, but “until then we treat it for what it is and that is major resistance.”
Kevin’s read ties the altcoin path directly to Bitcoin’s ability to punch higher. In a follow-up post, he warned that sentiment had flipped at precisely the wrong places: “Most of the #Crypto timeline got max bullish at 4 year historical resistance and was max bearish at major support back in April and even June.”
Related Reading
The implication, he suggested, is to avoid chasing optimism under resistance and to “air on the side of caution while #BTC and Total 2/#ETH remain under these major levels.” By referencing Total2—the market capitalization of crypto excluding Bitcoin—and Ethereum, Kevin effectively argued that the broader risk-on impulse for altcoins is unlikely to sustain without a decisive Bitcoin breakout.
Click Here to Read the Full Original Article at NewsBTC…
