The reason why we need to see a real increase, is to prevent this turn into a big . This is really important, for us to think the second leg up for the big upwards correction will happen or not. The one we have been waiting for since the 3200 low. If you remember, i talked about a big correction. That is still the game plan. Many people ask me, but what if this is the long term low? Well, i don't care if that is the case or not. The position is in and i will judge it when we get in the 5K zone (if we get there), to increase or decrease the position. Trying to pick the long term low here, will most likely get you in trouble. Just plan ahead, set your goals and work within the guidelines you give your self.
In my previous analysis, i showed you live what was going on with ETH. There was a lot of continues spoofing going on there, with the most likely scenario that these whales were planning to push the price up. This time it worked out perfectly, but it's not always this easy. These people get better in hiding their footprints. I would actually not even try to trade on it (unless you know how to read the information), but the message of it all was: Ignore the spoofing, just trade based on the information you already have. Don't let the spoofing scare you!
You can see what i posted about it here:
I had this chart ready earlier today, before the break out, showing the higher lows and lower highs. But we got confirmation that the higher lows have won the fight. Ideally we stay above the 3950 from now on. We might even see a small push up to just above 4100 and drop again to test support arond 3950/4000. There would be nothing wrong with this scenario.
If we do just rally to the 4200ish zone, it will of course be a very strong sign and make the big much more likely.
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The blue circle, is the zone where we want to see alts get stronger, preferably with some even breaking highs. So in other words, if Bitcoin moves sideways, we want to see alts go higher. This is very important for the mid-term. Showing the market has a lot of bullish sentiment.
Sure it may fail, but i'd say let's wait a few more hours, bulls still have a chance.