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.
I know you’re not trying to shill any coins but are you keeping your eye on a couple alts for end of March/April
Falcon143
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But first alts bleed a slow death with BTC? Then they resurrect as it bottoms out?
John_Q_Public
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@Falcon143, True. That's a sad quirk of of BTC/alts pairing correlation. There really is no reason for it other than it's been that way since the beginning and the market simply needs to mature to the point where it doesn't have an affect. Ethereum dapps fpr example have no correlation to BTC but they drop as well, likely because ETH drops. One factor that artificially contributes to that perception is that many altcoins can only be purchased with bitcoin and not fiat currencies. This gives novice investors the impression that altcoins are therefore tied to bitcoin pricing. But it is a flawed assumption. Stocks are bought with USD, but their value has nothing to do with the dollar’s value in GBP, euros or yen, for example. Further, stock in Apple Corp has nothing to do with how a pharmaceutical company is performing. Eventually cryptocurrency investors will sort these things out. It's just going to take time before alt season will be a thing of the past and coins operate independent of BTC. At that point is where BTC could see itself knocked off the #1 spot. Saturday, Feb 27 BTC lost roughly 200B in market cap. In one day. It now sits well bellow the 1T mark. That's how it will happen. Both BTC and ETH are 300B away from 500B. One falls and one rises. TL;DR Buy alts at the bottom after confirmation.
supergoh
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So, by 6th March 2021, will we know whether we can retire soon ?
John_Q_Public
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@supergoh, Haha! If only it were that simple. Looks like BTC.D may bump of the top of the channel on a slow step down. I had an idea this morning we are heading into the mixed feelings and complacency phase after euphoria. This would do it. A boring grind down... But yes, then we are going to see alts kill it. Seychelles for me, how about you?
supergoh
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@John_Q_Public, it depends on how much I earn first. Too early to tell.
bstew76
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Hey man any updates ?? Guess we didn’t really get a decision
bstew76
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Its got more room to move in the triangle. The final point of the triangle will not be tonight