As many will know i have been calling for a strong correction for a number of weeks with this looking like Tulip Mania 2.0
The question is, is this just a simple correction in price action or the longer term fall of bitcoin? Should we break the Daily 50EMA i see further downside and a potential retest of the Daily 200EMA at roughly $7000
How do you see this pullback?
Tom Hall
Comment
⋅
Price has now broke out of the 4hr consolidation period. Some great comments & information below from traders :-)
Comment
⋅
Comment
⋅
Will key $5,850 structure support hold? Regardless of the direction price decides to break, there is a trading opportunity.
Have you noticed any consecutive correlations between them and the BTC flagship?
For example, I see alt's and btc go up during marketwide panic (2 days ago) as money leaves fiat and comes back in.
then I see alt's bleed often when BTC goes on a short-term bullrun, as many traders stop loss are hit and "liquidated" to fiat.
I also see that money go back to alts as btc consolidates, maybe because people get impatient and enter trades and see this as safe, usually because BTC movements throw off altcoin market short term.
Have you noticed things like this? If so, what do you think about them?
AussieBoo
⋅
@TheCryptoLabs, I have noticed this!!
In fact for about 2 hours BTC, ETH and XRP travelled in almost perfect lockstep. If I figure out how to post screenshots I'll show you...
i have a similar view but for $8000.
Thanks for sharing your ideas and merry christmas !!