The more I look at how slow this dump was the more I am beginning to think that we may actually see 80%. This is only a posibility IF there is no SHARP dump soon and QUICK. Which is unlikely because the 4hr and dailey charts are already over extended and are starting to hit slightly below strong areas of confluence. I speculate that the dump below the 535EMA may have been a fakeout breakout. It is possible that we are going to see MUCH MUCH MUCH higher prices in the coming months for Bitcoin however if the dominance does visit 80% then the alts which remain somewhat flat relative to dollar terms. All this being said I still believe that Bitcoin and ALTBTC pairs will dump in tandem with one another. I expect there to be a fast flash almost to 7300 is area if not a resettling around that area while it makes proper market structure. This is why it will pay off in the short term to short ALTUSD pairs for the next day or so. I will be looking for strength in BTCUSD along the way and will switch to holding BTC then use that as margin to short the BTCALT pairs. Anyway... watch for the ICO investors to start shitting themselves.lol
God Speed Gents,
Mr. Manbearpig
God Speed Gents,
Mr. Manbearpig
Trade closed manually:
strength weakening at the end of today but we did take advantage of an overnight alt dump with LTCUSD from this overnight bounce. We need to see how the day ends to be more sure of what is to come.
Comment:
The dominance closed out in a really awkward spot which means that this is still in play... poor alts.