Hello everyone,
This is my first idea ever published on here. I am new to trading and have some experience in crypto. Here goes:
We have noticed the alt market has been completely pumped with direct correlations to each other. We have all seen this in the past, we know what happens next. It is pure speculation at this point as you have a better chance of being hit by lightning than having every alt change fundamentally and technically at the same time to warrant this.
Looking at the chart, we can see a clear ascending triangle forming. I am using an hourly chart because of how volatile Bitcoin has been lately, the moves and volume are very high and the trends happen very quickly. We see the trend line steadily inching upwards with lower lows and a very strong overall support around the 7800 level. This support has been tested multiple times over the last few days.
The resistance, which is currently around 8200, has been tested multiple times as well and has been flat. With the resistance staying put and each successive low being higher than the last, along with the alts being pumped and traders getting ready to consolidate, we are preparing for Bitcoin to swallow all of the alt-currently consolidation.
This is my first idea ever published on here. I am new to trading and have some experience in crypto. Here goes:
We have noticed the alt market has been completely pumped with direct correlations to each other. We have all seen this in the past, we know what happens next. It is pure speculation at this point as you have a better chance of being hit by lightning than having every alt change fundamentally and technically at the same time to warrant this.
Looking at the chart, we can see a clear ascending triangle forming. I am using an hourly chart because of how volatile Bitcoin has been lately, the moves and volume are very high and the trends happen very quickly. We see the trend line steadily inching upwards with lower lows and a very strong overall support around the 7800 level. This support has been tested multiple times over the last few days.
The resistance, which is currently around 8200, has been tested multiple times as well and has been flat. With the resistance staying put and each successive low being higher than the last, along with the alts being pumped and traders getting ready to consolidate, we are preparing for Bitcoin to swallow all of the alt-currently consolidation.
Comment:
The contracting volume further confirms the triangle. If the breakout to the upside happens, I am setting a stop loss at 8100 and for the profit targets well......I'm going to wait and see on that one :)
Comment:
Looks like I drew my resistance line a bit too low. 8350 seems to be the real resistance. I didn't take that resistance seriously before because we only had one confirmation, but that is no longer the case. Nevertheless, the trend line is keeping up so the triangle still holds.
