Sure. So last time we talked we were at about 5, 000 and it seems like a long time ago. And since then weve shot up to 13, 800 and weve also pulled back significantly. So at this point were looking to establish a real range.
We have our clear resistance 13, 800 or so is where we topped out and now were pulling back to find our support level. And I feel that we have found our current low for now and I expect to trade within that range. So our low we just hit was about 9, 600 and I expect to trade within 9, 600 to 13, 800 for the coming week or so and Im still bullish in this space especially with bitcoin because of the weekly timeframe the weekly trend is still a very clear uptrend which means every time we consolidate were establishing a higher low.
So if you just imagine a stair step pattern were just establishing bases of support while were on our way up. And a lot of people are looking to say you know whens the alt season coming where are the alt coins going to start breaking out because in 2017 when Bitcoin was seeing this significant price action the alt coins were following a bit more significantly than they are right now. So were keeping an eye on the charts that have the bitcoin pairings. But at this point as long as Bitcoin keeps this dominance that it is currently holding thats where my attention is going to remain.
Yes. So talking about altcoins prominent traders lately have said that they are pretty skeptical towards their future that they are not going to follow Bitcoin in the next bull run. Even Peter Brandt a prominent trader also compared them with the dotcom bubble.
Do you share this kind of point of view? I definitely do and I could see this coming from other markets. So trading the stock market and specifically other sectors I trade the marijuana sector and I saw the same thing happen the marijuana sector boomed and 150 companies appeared. And so all these small companies are trying to ride that wave of hype and a lot of them dont make profit. Theyre not going to ever go anywhere.
And I feel the same thing is happening here. Yet weve seen altcoins show up by the hundreds and the vast majority of them Id say over 95 arent going to be successful long term. So it really it is imperative to have really good fundamental analysis to try and pick because again the odds are not in your favor to try and pick that 5 or maybe even less of who are going to be successful longer term. All right.
Talking about Mike Novogratz. Mike Novogratz said lately that bitcoin is consolidating right now in between 11, 000 and 14, 000 and it will be staying in this range for some time until the momentum enter its next leg. And we go up higher. Do you agree with this prediction? And if so how long do we need to wait until we actually go up?
So the saying is the trend is your friend and I definitely agree. Because like I said were in a weekly uptrend. So we keep establishing these higher lows. And I think if we do see a new higher high over 14, 000 everybodys sights are instantly going to shift to the 20, 000 all time high from there.
So I would say like I said I think we can trade within the current range.
Were gonna bounce around a little bit for the next two weeks perhaps and within two weeks if we havent seen the Bulls break our current top of 2019 that would make me a little bit skeptical and say OK the bulls might be running out of some momentum. So Id say best case scenario for the bulls within two weeks breaking 14, 000 and seeing the next leg up. Talking about now Bitcoin futures, so Bitcoin futures are showing signs of increasing popularity in particular CME Bitcoin futures hit 1.7 billion in notional value traded on June 26 which is a 30 increase from its last recorded high.
What is the reason for the increase in popularity of Bitcoin futures according to you? I would say its just more and more people getting interested in this space and its just another trading vehicle. So when we see a Bitcoin ETF whenever that happens and it will happen eventually in my opinion but well just slowly see money go there and its just allowing traders to have more vehicles to be able to trade and also to play around with leverage to perhaps have their money work harder for them by having a bit more leverage exposure. So I think this is a trend thats only going to continue in this space and everybody was watching and saying Oh Bitcoin is dead and now that its come roaring back to life everybody is saying well wait a minute maybe bitcoin is going to be around for the next bunch of decades.
And I feel thats going to be the case. And I feel that dollar volume is going to continue increasing in this space as the popularity continues to increase as well. So according to a recent article by The Financial Times the Bitcoins latest performance is mirroring that of classic haven assets such as gold such as the Swiss franc or the Japanese yen.
So do you think that is because bitcoin is finally becoming recognized as a safe store of value? I do believe so. Its certainly not correlated to broader markets.
So when the broader markets go down. People look for places to put their money. And if were seeing assets like gold or like bitcoin not go down with the market and not seeing the same fear thats happening in the market which right now is not the case but when it does happen then people will put their money there and recently CNBC which is the big financial news network in the United States here they started to talk about that narrative. They started to say you know Bitcoin safe haven.
And the more that people talk about it its a selffulfilling prophecy. So the more that the media talks about it the more that people say its a safe haven the more it can act like a safe haven. And if CNBC which reaches millions of people is going to be pushing that narrative then I do believe that that will be the case. So the last question is more of a curiosity.
So according to data compiled by Bloomberg roughly 40 percent of all Bitcoin gains are actually happening during the weekend. According to some experts this is because traders tend to trade more in the weekend because they want to get ahead of Mondays news or also because banks tend to be the banks are closed during the weekend. And thats why its easier for traders to move price in the market. Do you agree with some of these theories or you have your own?
Im focused on stocks the majority of the weekdays and Im trading cryptocurrency on the weekend. So it certainly makes a lot of sense in that regard. And its just people looking for opportunity and not having opportunity elsewhere. They look to cryptocurrency over the weekend and like you said easier to move the price that makes sense as well.
And again going back to my stock experience we have premarket trading and then the bell rings and then we have regular trading. And when youre trading in premarket theres less liquidity and its easier to move the price in one direction or the other it takes less dollar volume to do that. So thats potentially the same thing happening on the weekends where maybe liquidity dries up a little bit. And if a lets say 10 million of buying pressure can go further on the weekend than it could perhaps on a weekday.p