BTC.D Painting itself into a corner.
Once again BTC is taking things right to the very limit before the inevitable happens. There will be a decision by the end of trading tomorrow U.S. time. The very corner is at 7:00 P.M. The bears have broken through the bottom of the triangle numerous times while the bulls haven't managed a single breakthrough above the descending line. I see BTC following the middle trend line down the channel until it's below 60.0 then it's alt season. We'll see lower levels we haven't seen since 2018 on BTC .D for a few months at least.
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Intersting times. Descending triangle has broken to a close upside. Still waiting to see if 4 HTF closes outside the channel or respects the upper descending channel downwards. We may just pop back inside the descending triangle before close of trading day U.S. My hunch is it tippy toes down the gap between triangle and channel.
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Added 200MA. BTC.D not appearing inclined to test it. Last test with no violation was several weeks ago. 200MA will likely be formidable resistance.
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BTC never fails to surprise. Breakout above the upper channel however there are 3 hours before candle closes. Watch for possible retest of 200MA this weekend IF channel acts as support.
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If the channel trend line and upper channel act as support and resistance which it well should barring any precipitous decline, we are looking at near the end of March for alt season to be officially in full swing. Once it breaches the psychological resistance at 60.0 there may be a drop to the bottom of the channel thereby decreasing the number of days by a few until we are at 57.53. When that happens you'll see more money thrown into alts than there ever has been. Grayscale is already buying in to positions of 23 alts to diversify it's portfolio and take advantage of what's coming. They've purchased 35M Stellar, 174,000 Litecoin (80% of the total LTC MINED!!!!) in February, among many small as well as micro cap alts. Traders, this is where institutions are moving. The real money to be made is in alts due to them being cheaper and more liquidity. If you aren't out in front of this wave that's coming then I hope you know how to tread water. Make the DD, scoop these coins up when they are discounted and enjoy knowing you are investing in the very building blocks of crypto's future. No thoroughbreds here but these are the workhorses building a future. Not shilling Grayscale in any way but find that list for a start.