Everyone is aware that bitcoin has moved and surpassed the 10k region in the past few days. And that move bled alts to the last drop.

However, we all know also that when bitcoin consolidates into a range, that alts also bounce up.

Well, bitcoin is pretty much in a range now, so does that mean you should stack up bags of your favourite alts?

The answer is no. Read on to find out why.

If you're a decent technical trader, and you've pulled up a chart of your favourite high cap alt(emphasis on high cap), you'd have seen that they moved up to the 20 day moving average line, and were instantly rejected with high volume.

While this seems like pretty "normal" behaviour, it isn't. This kind of pull back is because BTC isn't done yet with its moves.

As you can see on a standard bitcoin chart, bitcoin continues to "range" , but occasionally breaks out to test the 10k region. Whenever bitcoin significantly moves up to test that region, alts suffer the consequences by bouncing off the 20 day MA.

Add to that the obvious fact that the halving is in less than three days, and with all this bullish action pre halving, it seems like bitcoin won't be going down this time. This spells bad things for alts in both the short term, as well as the long term.

I would advise any technical traders looking to bag alts to wait for bitcoin to be in a clear consolidation. Better late than lose your capital.

Thanks for reading.