Important times and very advantageous for trading alts at the moment with BTC in a netter position.
This is a good sign for the bulls as they are there and BTC will be bought up massively once we return back to the low.
At the moment please take note of the indicator the buys heavily out weight the sells people are buying this and holding. I recent did a post on the BTC showing you what this indicator looked like on the last did there is a very big difference and this change is peoples new vote of confidence in crypto that its hear to stay.
Last time we seen the 6K dip it was globally recognised as the end of the crypto world (this is how the media wanted people to understand it), now people understand crypto is much bigger then a bubble all this is doing is bringing money to the market.
Even through Crypto is still trending down, the BTC dip will be game changer we need to turn on the tap and flood cash back in and raise the market cap.
BTC is still in a downward trend and we expect to enter the buy zone on the chart what we have seen here is a simple retest. I have outlined the pattern on the cart, this is quite common to see and we shouldn’t be getting excited yet as we will continue our descent according to the indicators.
Right now you will see BTC sitting on the .5 FIB and its trying to cross the 200 . Its facing large resistance and I believe we will continue our descent shortly after we get some further up movement to this area.
The good news is that its nearly over and things will take a turn for the good.
Now you will see my last post I told you to buy some BTC as we were going on a run up, you would be in a good profit here, we will struggle to get over $9200 as thats the 200EMA and resistance but I will update when we see a sell signal. It might be around this range, at the moment BTC looks ok.
We might not get to the buy zone overnight but we will get there.
Please see chart below we have not broken trend for this that are jumping for joy about BTC if we do see further upwards move it would not be a breakout until we break trend.
You have all heard me talking about the alts bounce when BTC goes up well yesterday you would of experienced that and seen it first hand, very easy profits and I hope you follow to join Cash Is King and the team as we will be the richest in the industry as we trade with knowledge, strategy and patience.
Cash Is King!
We will know further movements when the daily closes but as per my post above it is likely we see BTC drop again.
If you in an Alt trade just watch the volume if volume is increasing you will be ok.
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To the moon (after we correct down :)
In the short term, we've run out of fuel.
We need news, we need promotion, we need a lot to get people to buy close to 10k and think they'll profit.
Also the volume is getting pitiful until it reaches key support levels.
Just bounced off the fib again.