But on the other hand we also have some great news today on the charts for crypto (not just BTC ), today I am also going to share a website that I want you to refer to as a strength indicator on all of your trades. This is a tool that will help you and you need it, its the best indication you will get for strength.
I am not sure if I can post the website internally in this post so I am going to post it in my status on my profile. Please refer to this as it will help you immensely when trying to decide short or long.
So I ran a BTC post on the 29th of March saying that crypto market had lost 50 billion dollars in a matter of days..... well since the 29th of March we have lost another $20billion dollars......
The dominance of BTC was 45% of the market 2 days ago and today still remains the same therefore we clearly know that BTC it self has lost $9 billion dollars in in just 48 hours.... Here is your answer on direction.
So as you can see we are bouncing between the 6700 support and 7200 resistance, swing traders here are making a killing.
If you look at the link that I will have in my status on profile you will see over the past 2 days we have hit a bounce in the market and started going sideways, the can mean we are consolidating for another move down and with current loss you would presume this. However more then likely in a couple of days will come back and start to accumulate, if the crypto market trends sideways this is great things stop falling and market starts to turn.......
If you watch and monitor this link when you see the market cap going up VS going down you will have a good indication all coins will be out of the rough and predominately bitcoin being 45% of the market.
So right now based off current strength indicators and an overlay of crypto chart if we go to 6K it may only be to test the level and create some support but highly unlikely to go below.
The market chart of crypto going into consolidation is a very good sign and more then likely its going to be a change of trend as we have bounced twice on the chart which shows we may have reached a bottom.
The coming days will be all the tell tales and I will update this thread it depends all on .
BTC , we continue currently to bounce between the blue lines on the chart the top blue line is the .786 fib which we keep bouncing from and going back to 6700 level.
If we break $6700 (which is very likely with the dropping)we will see a quick trip to $6,000(black line), even though above I mention the chart is changing trend on crypto we are still losing and are more likely to break low rather then high.
Its the long weekend (Happy Easter to you all) so this also means there won't be as much money pouring into the market, in the coming days though we will see BTC close over the 7200 level, if you haven't entered BTC by this time I would certainly suggest you do then. First target will be the red line $8200.
Swing traders buy the bounce on the bottom of the blue line (buy the up bar) sell the bounce (sell the down bar) from the top blue line..... If wondering when to enter BTC I would sit on the sidelines until we break the 6700 but in a day or 2 if we see increase in crypto market then at this point I would suggest buying as close to 6700 as possible.
If the chart on crypto stays trending sideways we are going to be back to massive profits on the alts and we will see BTC start to rise again nicely until we break out into bull mode which is what everyone has been waiting for.
Cash Is King! Come trade some alts, make some cash!
*Related articles is previous BTC post you will see the figures there on the 29th.
The same time it bounces I will be buying its that have dipped with the BTC drop.
I think we have some time here we will see a retest of the 6700 level more then likely before we advance down.
Stop loss below the 7200 support targets 7800 and 8200.
Conservative traders will wait for this 4H candle to close over the 7200 support.
Patience here is the key.
We have nit hit our target of 7800 and BTC is back at our entry so make sure you have a stop loss set on this support. If we break support we will have the first short target at 6700
t this stage it looks unlikely to go lower and will bounce so I am not opening a short.
Shorting your own BTC is an option but the risk vs reward isn't favourable enough for me.
This may be the last dip we get for a while so ensure to enter on the bounce from 58-6700. Anywhere in this range is good but it does currently look like we will go below the 6700 target and into a lower range.
This 4H candle will tell us a lot on the close.
This chat is for you to have fun and share, feel free to join https://t.me/CASHESKINGS
The market cap now VS prior dip of BTC isn't particularly a comparison for us, we are just looking at the crypto chart itself and this is a good sign. We need money to pour in and considering in a lot of countries today the banks are closed for public holidays 4 billion is certainly a good start.