Sherem
Long

The BTC descending Triangle has been executed. Moon now?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
If you follow my posts, you know I have been hitting the nail on the head with my BTC calls. Don't believe me? check my previous posts out.

What to do now and Long term view mapped on the chart.

The descending triangle has ran it's course. if you don't think this is a big deal, I would disagree with you. It's a very big deal and I will lay out why. Before anything makes the next leg up of a run, pain needs to happen first. So people can drive the price further on the next way up. Most posts I read predict that BTC will complete the descending triangle then make it's way back up to moon eventually, maybe sooner, maybe later. It all depends on how they chart it. The most probable continuation move to the downside puts BTC right around the $7,000 area. However, it will most likey move up from there or it goes sideways and resumes its uptrend in anticipation of the halving. The probability that Bitcoin goes to 5k at this point or lower I feel is very unlikely. Possible? Maybe, but let's examine a few things on why it going that low is so unlikely.

The first core reasons are fundamental. More people know about BTC now, more exposure, more institutions, more development, etc... etc..

The second core reason is business. CME , CBOE , BAkkt, Wells Fargo, more getting in the game. Large business's like Coinbase and Binance need to create another run. More hype means more customer's more money, etc... etc..

The third reason is FOMO. Being that I watch this all the time, I always get a lot of texts and calls wondering what is going on when we start decling. Now that Bitcoin has dipped and people have a chance to buy in on a retrace, you know it's just a matter of time before it goes up again.

Technically speaking, I believe we are just in a small retracement of a larger ABC pattern. MACD on the weekly is still positive. RSI is getting into oversold territory up at these levels, which indicates a push higher is on it's way and needs to develop.

What to do? I believe the best thing to do right now is start to accumulate ALT coins. Why. Lets look at 2 I am working on, a major and a semi-minor one.

ETH is at 170 as of writing this. If ETH were to go back to its ATH . It's almost a 5X move. If it goes just to 500, it's a 2.5X move.
LINK is around $1.8 if it goes to 10 it does similar, about a 5x move, just to $5, about a 2.5X

Bitcoin from 8.5k to the ATH is only a 2. 25X move. the potential in ALT coins right now is DOUBLE and MORE than in BTC . So, I dare make the argument that where your money should be is in accumulating ALT's, NOT BTC . Of course BTC rules the day, but I believe ALT's will go up with more velocity once BTC resumes the trend. This will take time and it will usher in Alt season.

We shall see.

Happy accumulating and hodling,
-Sherem
Comment: Careful people, we are carving out a bottom in BTC. Lot of signals that ALT season is here, which would drive BTC up at a slower pace than everything else and eventually things will explode to the upside, fasten your seatbelts
Comment: We're starting to enter our support zone. If you are thinking of buying, now is a good time to start doing so for HODL purposes.
All my posts are not intended as financial advice, just me sharing what i am doing with my research and positions. Don't stress, pick your points and don't use leverage.

Comments

Did you notice the volume picked up today just after 8:30 EDT to start the price down and the last dump occurred at 15:40 EDT which was just 20 minutes before the close of the NYSE. It looks like the whales needed to go home for the day and avoid the heavy traffic in downtown NYC. And I'll bet they will be back early first thing tomorrow morning, probably before the markets open to resume dumping. I agree that 7.5k is quite possible and 4.5k is within reason. I don't think 6k will offer any support because it offered no resistance whatsoever when going up through it.

Yes there are a lot of interest in BTC but if you read my post titled "Most buyers in last 5 months bought BTC at current price-YIKES!" then you would realize that after April 2nd 2019, most of the people bought in at 10.3k. This dump is very similar to the 6k dump and those who bought at 10.3k may not want to see their price drop by 50% so they may be selling and waiting to rebuy at the bottom. This dump I'm afraid will continue. How low will it go? At least 7.5k and perhaps 4.5k. We shall see.
+5 Reply
@BDG, Thanks for the comments, very interesting and while you may be right. i have more skepticism that will continue anywhere past 7.5k, if it even gets there then I did before where I thought it was absolutely going there. Either way, time to ladder those alts and start positioning. As your comment alludes to, i think Grayscale is controlling a lot of the movement via there trust and the whales need to dump to make up for redemptions, once it bases out i am guessing they will get more orders in and it will only continue on its ascents.
+3 Reply
Simple yet cool chart. I do literally agree with the path
+2 Reply
even though you were talking like MPC some time ago i have still stayed a big fan of you Sherem. good to see your bullishness
+1 Reply
Wow I really appreciated this. It matches my own expectations and analysis. Seatbelt fastened.
+1 Reply
Well written, i share the same view.
+1 Reply
Sherem ft-73
@ft-73, Thank you!
Reply
Thanks for your analysis! Check out this fractal I found.
+1 Reply
"We're starting to enter our support zone. If you are thinking of buying, now is a good time to start doing so for HODL purposes"
BTC is almost at the top of your 7.2k support zone today. But the bottom of your support zone is 1.7k lower at 5.5k. That is still a big 22% fall. Are you recommending people ladder in between the top and bottom of your zone?
Reply
@BDG, Yes, but I don't think it will go past much past $6,500. Of course, we'll see what happens, but anywhere n this band is a good time to start laddering/buying.
Reply
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