Previous ATH was resistance, it should now be at support. RSI is oversold. MACD is still positive, but I am guessing will round out as we bottom here.
And what do you know, also at this 61.8 FIB and looks like it could form this pitchfork channel quite nicely, which puts it's next target at 50. Maybe 100 if we go parabolic.
i got in on the way down. It's time to start accumulating BNB.
Are you assuming BTC is now at the bottom? If not, what will happen to the Alts if BTC drops to $5400 or even $4500? Will the alts stay where they are now? Rally higher? Or will the Alts tank along with Bitcoin? I'm guessing the latter.
I'm not getting back into Alts unless BTC has hit bottom or the Alts are back at their February lows. There is not enough blood in the streets for me to buy Alts today. To put it another way. I'm not going to buy beachfront property no matter how good it looks or how much a bargain it is, if I know a tsunami is coming.
Sherem
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@BDG, While I agree that there will be more blood in the streets if BTC goes lower. I can't not help but think that this could be the bottom for a lot of ALT's, the technicals look good despite BTC having more downside. it's a good place to start laddering in and accumulating.
theredbaronZ
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BNB sometimes does big percentage moves disconnected from or even counter to BTC. So it is a decent probability to get at least a swing trade off this low.
I'm not getting back into Alts unless BTC has hit bottom or the Alts are back at their February lows. There is not enough blood in the streets for me to buy Alts today. To put it another way. I'm not going to buy beachfront property no matter how good it looks or how much a bargain it is, if I know a tsunami is coming.