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.<\/p>\n
Kevin (@Kev_Capital_TA) framed<\/a> the current setup bluntly: \u201cThis weekly BTC chart remains the most important chart out there for us to examine. While below the 120\u2013123K zone and the weekly downtrending resistance on the weekly RSI I have to remain cautious.\u201d He added that he would be \u201cthe most bullish person on the timeline\u201d once those levels are cleared, but \u201cuntil then we treat it for what it is and that is major resistance.\u201d<\/p>\n Kevin\u2019s read ties the altcoin path directly to Bitcoin\u2019s ability to punch higher. In a follow-up post, he warned that sentiment had flipped at precisely the wrong places: \u201cMost 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.\u201d<\/p>\n The implication, he suggested, is to avoid chasing optimism under resistance and to \u201cair on the side of caution while #BTC and Total 2\/#ETH remain under these major levels.\u201d By referencing Total2\u2014the market capitalization of crypto excluding Bitcoin\u2014and Ethereum<\/a>, Kevin effectively argued that the broader risk-on impulse for altcoins is unlikely to sustain without a decisive Bitcoin breakout.<\/p>\n