Here is a weekly chart update on where BTC is sitting currently.
Looking at the chart we can see that we have a reversal candle along with a decrease in within oversold conditions on the . The weekly chart looks scary when it comes to looking at the TDS and the B.W. Fractal. I believe there is going to be a dramatic drop soon. We can expect to see BTC retrace to the fibonacci levels as indicated on this chart. After we see BTC retrace to the expected levels we can anticipate a continuation upward from the buy zone.
During the BTC retracement, we can expect to see investors looking to gain further profits by investing into ALT coins. The timing is right for ALT coins as it is with a retracement for BTC . Looking at most of the ALTcoin charts from a weekly perspective, we can see that the has bottomed out and beginning to show signs of a reversal upward.
Now is a good time to look at ALT coins.
Details on the Chart.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
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CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
So, I think they will at first kill the open short positions and the new incoming shorts. That means, we will first see a breakout of the triangle to the upside (See the 2 hrs timeframe).
Than all new shorts will quickly be liquidated, beside, this breakout will bring people long,.......aaand Yessss,....... These longs will also quickly be liquidated.
The following drop towards 5.6 k can start.
Just my opinion. Be careful
Best whishes, Sascha