If there is one thing you keep on hearing from me is about Bitcoin not being in "bull run mode" yet.
Yes, Bitcoin has been going up for an entire month now, but we are still within a huge downtrend, and the Altcoins market, which is the most relevant to us (me and my supporters), continues in its long correction.
So what to expect next?
We will still keep on taking on a few trades as they come available, but we will keep the focus on short-term, why? Because we are in a bear market (Altcoins market - Bitcoin is its own market), and this means that the overall trend is down.
These trades risk is higher as they can go sour pretty fast, so it is important to know that there are risks involved when trading cryptocurrencies. In fact, there are always risks involved when trading anything, no news here, but I think is good to receive a reminder from time to time.
When will the correction be over?
The market will decide.
Bitcoin has been going up steadily and slowly, but there isn't much momentum and volume lately. Also, I have this feeling of uncertainty that is really big, and this tells me to be cautious and so I AM.
So we continue trading. Yes we can trade. But we also remember that the risk is higher with the Altcoins market the way it is now... in the red.
Another detail about the relationship between Bitcoin and the Altcoins market is the following: In the phase we are now, any sudden move made by Bitcoin can crash the Alts.
If Bitcoin shoots up strong, the Alts can start to crash until Bitcoin stabilizes or show some signs of slowing down.
If Bitcoin starts to crash to retest earlier support levels, the Alts will also suffer. So what to do in this situation?
We wait... Patiently. Because we know it is better for our pockets, as traders, because we surely know it is best.
So use that last line to remember, that you are A DIVINE LIVING BEING... AND YOU DESERVE THE BEST!
Namaste.
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The red dotted resistance line on the chart is the one that I got by using the logarithmic scale option.
Above you have the linear scale view but with both resistance lines drawn. This gives us a "wider" perspective.
I was waiting for Bitcoin to break above everything and reach the "moon" as everybody was saying but I wanted confirmation first. It turns out we are still in the same place we were a week ago.
I am a Bitcoin bull. I love Bitcoin and all cryptocurrencies. They make me rich and help so many of us.
But right now we are still in this downtrend, and we are in it until we are out of it. That is what I believe.
So I will let Bitcoin do its thing. And I will be back to celebrate, once more, together, when we are KING.
Namaste.
P.S. I respect you for what you are... I love you for what you are... You are EVERYTHING! That's what you are. Know it because it is true.
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Same chart with "log scale" on. We are on top of strong support right now. This is a "pressure point".
Chart:
Maybe we can do some acupuncture on Bitcoin to release the pressure... Just joking. :D
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2 Hours chart, with support levels:
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Looks like we are going straight to the third support level on my chart above.
Here is the 1h chart:
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Where do we go next? Next stop should be around the low $10,000s, maybe in the $10,050 to $10,200 range.
Let's look at it now from the 4 hours chart perspective:
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I will publish a new trade idea with the next strong support levels based on different tools.
Thanks again for your continued support. It is highly appreciated.
Thanks for all the comments. Thank you for everything, once again.
Hey Alan. I really appreciate your updates. I like them. And yea, we are in a bear market if we take a look at the Global Market Cap, which is around 450 Bl USD today compared to our ATH at around 820 Bl USD in the beginning of January. And I also agree on, the fact, that we don't yet have this crazy parabolic bull run we saw in December.
But BTC is in an uptrend. Everything is pointing up. We are out of the downtrend channel, but the reason why we are seeing that the altcoin not are following, is because of Crypto is still a new market, and we have a lot of people out there, who still feel insecure and uncomfortable. I'm convinced as soon as we get out of the big inverse HS pattern, and BTC goes to around 13k and we start to range, we will very soon see an altcoin blossoming.
@D4rkEnergY, Thanks a lot for taking the time to comment, I appreciate your message.
StocksMaster
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@D4rkEnergY, but we are not in uptrend ! we are fighting for it
Trades999
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$4400,- target.
MuMPiTz
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Gotta really hate that every coin out there is paired with BTC. Isnt that like bringing extremely unstable together to have something that is alltogether even more unstable. I mean the high volatility might be what has attracted most of us in the first place but wouldn't it be better to unpair altcoins at this point in time. Why should the entire crypto market go through a long time bear market just because BTC is? I'm new to trading and the answere might be simple, I dont know, it just doesnt make sense to me.
AlanSantana
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@MuMPiTz, You make a great point, but Bitcoin still represents the entire market. The Altcoins do not have enough recognition, and the name of the game is still Bitcoin.
For example, you see some Altcoins breaking out and away from Bitcoin, that's something you never saw happen in the past. So your vision might already be taking place.
MuMPiTz
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@alanmasters, hopefully, even though I have no clue which downsides could possibly come with that :/
diegofnu
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@MuMPiTz, to buy altcoins, you need btc, or eth. But BTC has the widest infrastructure on exchanges for pairing.
I have an ETH pair list that I use when ETH is running bull. Then, when BTC takes the lead I use BTC pairs.
ChristiaanvanderMerwe
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@MuMPiTz, I share your sentiments however the only way to unpair ALTs from BTC is to remove their respective alt/BTC trading pair. BTC would need to be replaced by fiat which is hard as this usually involves regulation. If BTC is replaced with any other crypto then we are back to square one.
But BTC is in an uptrend. Everything is pointing up. We are out of the downtrend channel, but the reason why we are seeing that the altcoin not are following, is because of Crypto is still a new market, and we have a lot of people out there, who still feel insecure and uncomfortable. I'm convinced as soon as we get out of the big inverse HS pattern, and BTC goes to around 13k and we start to range, we will very soon see an altcoin blossoming.
Anyway. Keep up the good work! Love from D4 <3