really has been relentless in it's rallies. I am sure most traders have been surprised by the moves BTC
continues to make to the upside. Even in the face of a descending triangle
, it continued higher. The flow is still in favor of BTC
and this is confirmed with BTC
still dominating above all the other alt coins. This is why we also haven't seen an alt coin rally, no one has favored alt's over BTC
right now. If this 12k area can't hold, BTC
go down pretty substantially and most likely go below 9k. The question is do we go to 8k or 7k? If we measure the magnitude of the last move up and compare it to where it could go, it would put us at 7k. Of course, that specifically is hard to pinpoint. On the upside if 12k broker and went higher this would confirm almost a bull flag
typer pattern and we'd move to 15k.
We can see that RSI
is falling in line with a channel type pattern and the strength of MACD
is also wavering. We still have a whole year until BTC
halves and longer before more developments come online. Be wary!
Happy trading and hodling,