I always hold the belief that at the beginning of a market cycle investors are more cautious and as a result solid assets will appreciate while speculative ones will lag behind. Before, I thought at a range of "blue chip" alts could also qualify as "solid assets". At this point, it appears that perhaps only XMR & to lesser extent NEO & ETH might qualify.
BTC is still the king, and I expect its dominance in market cap to reach 50+% by April.
Right now, we're still in an upward channel after breaking out of the inverted H&S a week ago.
Some people on this site have connected two extreme points on a chart & suggested that there's strong resistance there, but a channel isn't one line connecting two extremities. BTC already broke out of the downward channel that connects 7+ points (with ONLY 1 point sticking out of it) on Feb 14.
At this point, a possible support is .618 (10.8k --> a level that took some effort to break).
Strong support is at 10.3k.
There's little doubt in my mind that my original prediction of 12k by March will be attained easily:
BTC is still the king, and I expect its dominance in market cap to reach 50+% by April.
Right now, we're still in an upward channel after breaking out of the inverted H&S a week ago.
Some people on this site have connected two extreme points on a chart & suggested that there's strong resistance there, but a channel isn't one line connecting two extremities. BTC already broke out of the downward channel that connects 7+ points (with ONLY 1 point sticking out of it) on Feb 14.
At this point, a possible support is .618 (10.8k --> a level that took some effort to break).
Strong support is at 10.3k.
There's little doubt in my mind that my original prediction of 12k by March will be attained easily:
Comment:
Let's hope it doesn't get lower.
I must repeat: there's neither fundamental nor technical reason for this dump.
It's pure manipulation. The price manipulators also use bots on social media (spamming FB, Reddit, Twitter... + upvoting "short" posts here)...
This time it's really just a "DRY DUMP".
But this is just how this market is. When we don't have the money to manipulate or the access to insider info, luck is an important factor. I hope I can be right 2/3 of the time.
I must repeat: there's neither fundamental nor technical reason for this dump.
It's pure manipulation. The price manipulators also use bots on social media (spamming FB, Reddit, Twitter... + upvoting "short" posts here)...
This time it's really just a "DRY DUMP".
But this is just how this market is. When we don't have the money to manipulate or the access to insider info, luck is an important factor. I hope I can be right 2/3 of the time.
Comment:
whatever the reason, this is another huge crash. My hope is that 10k will hold, but if it's like @monkia suggests & we're retracing from the bottom, around 9k or even lower is possible.
In retrospect I should've sold as well.
with crashes this hard again and again in two months, many alts will have a hard time in months
In retrospect I should've sold as well.
with crashes this hard again and again in two months, many alts will have a hard time in months
Comment:
I hope if bounces off 9.6k. If not, we have fibo levels 8.9k 8.2k...
Full-on correction mode.
Full-on correction mode.
with all the good news, I can only imagine that this is because whales are on holiday right now.