BTC is definitely moving sideways, which is a great time to accumulate more alts and open longs at the right time! i believe the next move will be down to 7500 to then bounce up to 7.7 k than a small pullback to than break the triangle to reach the 8k resistance. good opportunity are about to form. The RSI is working on the support and i believe there will be a retracement on support to then bounce again moving slowly sideways. i estimate that the break of the triangle will be around the beginning of next week. 12/06. In the meantime, i am looking to open the next long at 7.5k with a SL at 7.4k ish. The volume is slightly picking up but it s still quite weak and as the weekend approaches, which usually mark low volume, a pullback to 7.4-7.5 is really likely. The 1D timeframe looks somehow bullish as the RSI is proceeding on the support but the volume doesn't sustain the hypothesis of a decisive breakout of the 7.7k so we just need to wait till the next clear move. right now i am looking to pick up few alts at good price to ride the next move up.
@tradewizz, i se 6.5k unlikely as there is a strong support around 6.8k! In case btc break under 7.4k i would expect a bounce around 7k! Also the RSI isn’t overbought so the bear may not be strong enough to drag btc below 6.8k! Also 6.8k area it is a great pool for big investor to trap shorts and open longs! the bear has lost power each pullback from February till now which makes me believe whales have almost finish to sell their holdings from december and a good reaccumulation may start soon!
UnknownUnicorn2454397
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@CeccagnoF, The bull has also lost power. In our current wedge, the bull has lost more than the bear. If you look back at the 1D chart (which you should start every day by doing) We have hit a peak at 19/20K, dropped to 6K and formed a wedge continuation pattern with lower highs and marginally higher lows, which could easily become a giant bear flag down to 5k or below. The biggest players want to see this retrace the most, and the biggest players have the most power.
CFcryptoTA
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@gainsbeast, yes it s true that bull has lost power but To me if i check the bigger picture it looks like is forming a massive bullish pennant pattern rather than a bear flag.the bear flag form during a strong downtrand cicle, but btc is on an uptrend channel from 2014 and if you check the lower lows and higher lows created in the last months form a by the book bullish pennant! the fundamentals are also quite strong Atm! I hope to be right as it would be painful to see btc dropping below 6.5k again! But I honestly see it really unlikely, there are no fundamentals to sustain such a drop, also btc still following the uptrend, and the rsi on the 3D hasn’t been that low till 2014!
CFcryptoTA
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@tradewizz, i have to say it! You were right! 😭😭😭 @gainsbeast ! I have been away so I didn’t have time to check btc lately!
UnknownUnicorn2454397
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@CeccagnoF, I hope you got to play it. Even little gains are still gains.
I think we will be going up soon. Volume is increasing whilst price is slowly sliding. That’s the effect of smart, experienced, wealthy people buying the blood and panic.
CFcryptoTA
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@gainsbeast, yeah divergences in play soon! I manage to use tight SL which reduced the loss, i usually don’t trade anymore after my SL get touched and i try to understand the market and wait for a better entry with a good hipothesis to back it! As soon as i get back home i ll reorganise my portfolio! In the meantime masternode are great for passive income to cover losses! 😉 most of alts are bottoming out right now, but still eth and btc are the rulers and i close watch them to decide my next move! Hope you did well!
childof90s
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What alts would you recommend?
CFcryptoTA
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@childof90s, i personally like ICX, WAN, LOOM and IOTX! Good teams, strong developers, good partnerships and have prototype or mainnet! No financial advice obviously!