Quick and simple chart that quite clearly shows a very likely bounce zone.
BTC is sitting just above a long term from March 2017
BTC has strong support at this range.
I am seeing 2 scenarios
1 - we touch support now and bounce to upper targets (as shown on previous charts )
2 - head higher to test resistance, then to support for bounce to upper targets.
I am seeing scenario 2. as the more likely right at this moment, as most of the market are thinking we will be having a deeper correction, for me it makes more sense to buck the trend. Right now LONGS AND SHORTS are very equal. Longs are starting to grow again, and these are used as liquidity to move the market. So to me it makes sense to grow the LONGS, then drop the market again to support ranges.
Either way there is currently lots of indecision in the market, and whether we go up or down right at this moment the overall trade range for the next few weeks will be 7,200 - 9444 for a little longer, which will allow the ALTs some breathing room and we should see BTC Dominance stable around 54-55 and ALTs continue to bounce.
REMEMBER IF YOU ARE PRACTICING SAFE... TRADING ALWAYS USE PROTECTION
(minimize your risk, use a stop loss. Especially in Margin Trades) ALWAYS!!!!!!!!!!!!!!!!!!!
The Legal stuff - I'm not financial adviser. Just a few quick thoughts - remember you sit at your computer, you push the buttons...
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