Bitcoin's drop below its multi-month support flipped its market structure to bearish. However, WIF's has held its bullish market structure...
WIF held its bullish market structure better than BTC as both fell. However, that’s not the whole story…As April’s losses spilled into May, not all crypto-assets have managed the market dump well. This wasn’t helped by the fact thatAs expected, BTC’s drop below its range exerted more pressure on the market’s altcoins. In fact, some altcoins shed over 30% or 40% of their values. However, some defied those trends and held their bullish market structures.as an outlier during the market slump.
Based on the chart, WIF has consolidated above the $2-level since March and the intensified sell pressure didn’t push it below the support. For the BTC chart, the price dropped below the two-month support, around $60k, and was below one of the moving averages.So, from a TA perspective, specifically based on market structure, WIF withstood the market dump better than BTC.However, when traced from its all-time high to its current levels, WIF shed twice as much value compared to BTC.
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