This week is packed with important macroeconomic and crypto events. Let’s take a look at important altcoins that might trend this week and how Bitcoin price might affect the performance of these cryptocurrencies.
Last week’s newsletter: Week Ahead: This week’s altcoin narrative and Bitcoin's fourth halving targets
Read more: SUI, YGG and AGIX holders gear up for $11 million worth of token unlocks this weekend
With these major events, altcoins are likely going to experience volatile movements, giving day traders a bunch of opportunities. At the end of the day, altcoins’ performance depends on Bitcoin price.
As noted in our previous publication, Bitcoin price’s weekly perspective has improved vastly after a bullish Swing Failure Pattern (SFP) below $39,851. But BTC is not out of the woods yet due to the nasty bearish SFP noted on January 8.
Read more: Bitcoin Weekly Forecast: As monthly close draws near, significance of $43,750 grows
BTC/USDT 1-week chart
So, what does BTC need to do?
On the daily chart, Bitcoin price has created the first higher high after nearly two weeks of downtrend. This development notes a potential start of an uptrend. But for BTC to be out of the woods from the high timeframe perspective, it needs to produce a daily candlestick close above $48,222. This development needs to be subsequently supported by a weekly candlestick close as well.
BTC/USDT 1-day chart
For now, investors can expect a minor pullback to $41,461 after creating Monday’s high. These dips are worth buying as investors can expect a bullish comeback for BTC this week, which will reflect positively on altcoins as well.
Read more: Binance Coin price approaches critical mass, 18% move ahead for BNB
Also read: Near Protocol Price Forecast: NEAR leads recovery, eyes 100% upswing