Going to make this short and sweet:
BTC is clearly in a bull flag with our ascending trendline since May 2019. We just recently had a bull trap candle and pullback below the diagonal trendline which also happened to be a .382 pullback of the entire recent move, which is very common.
BTC looks like it will flag out til Mid Sep then make another run for it. Tons of economic events fueling this fire with 10 year bond rates, obviously predicating the fiat crisis in full effect globally. The US is very self sustainable (Imports/Exports is about 7 to 8% of GDP), so money will still flow into US equities most likely as the global economy will be looking to hedge their capital and place it in safe markets. The other obvious hedge is gold and BTC. BTC will clearly outperform gold as this will probably start our rocket ship up to $17K, then $20K then new highs.
As far as alts go, I figured we would have an alt season, but it may be that some alts have to go to 0 first with projects that are not executing and proving themselves. While they might not actually be at 0, their BTC values will be so small that their market cap will decline dramatically. All the regulation and pressure coming from the US/SEC seems to be having an effect on market makers playing their cards a little different this go around. Summer of 2017 seemed the same way though, where alts really went into a hole and BTC started to run in August after the BCH event. It's hard to say what the entire market will do, but the safe havens seem to be the IEO's on Binance/new coins.
I provide daily updates and trading ideas in a private discord group. PM me if you are interested and I will give you more info.
BTC is clearly in a bull flag with our ascending trendline since May 2019. We just recently had a bull trap candle and pullback below the diagonal trendline which also happened to be a .382 pullback of the entire recent move, which is very common.
BTC looks like it will flag out til Mid Sep then make another run for it. Tons of economic events fueling this fire with 10 year bond rates, obviously predicating the fiat crisis in full effect globally. The US is very self sustainable (Imports/Exports is about 7 to 8% of GDP), so money will still flow into US equities most likely as the global economy will be looking to hedge their capital and place it in safe markets. The other obvious hedge is gold and BTC. BTC will clearly outperform gold as this will probably start our rocket ship up to $17K, then $20K then new highs.
As far as alts go, I figured we would have an alt season, but it may be that some alts have to go to 0 first with projects that are not executing and proving themselves. While they might not actually be at 0, their BTC values will be so small that their market cap will decline dramatically. All the regulation and pressure coming from the US/SEC seems to be having an effect on market makers playing their cards a little different this go around. Summer of 2017 seemed the same way though, where alts really went into a hole and BTC started to run in August after the BCH event. It's hard to say what the entire market will do, but the safe havens seem to be the IEO's on Binance/new coins.
I provide daily updates and trading ideas in a private discord group. PM me if you are interested and I will give you more info.
Comment:
I see a lot of people calling short as well, so don't be surprised if this decides to break up again. We don't have confirmation of a break down. $11,500 will most likely trigger a bigger sell off.
Comment:
Following quite nicely