Hey gang! I've been doing a lot of posting on alts, but with BTC showing some weakness I wanted to show you my take on Bitcoin's current status. Many people have been calling for a full out bull run and it is true that the alts have been rebounding. But, they were also rebounding just before we went from $6400 to $3100. I want there to be a bull run just like the rest of you, but we can't force it. We need to be careful. So here's what I see. I do see a bullish inverse head and shoulders pattern on Bitcoin , albeit negative leaning (meaning, the neckline is trending downward). The MACD , although not shown, is approaching the zero line. Breaking the zero line would be a bullish sign to me, however it is also negatively curving at resistance. I mean, even the bullish news has bearish ties to it. We are still in a down trend and when Bitcoin last fell, it fell directly through the support of its falling wedge . That support is now acting as strong resistance. And there are multiple resistance trends beyond this line. It would take a huge amount of volume for BTC to get through the neckline and onward to $5300. And volume that has been lacking. If Bitcoin breaks to the down side, it will likely be fast. If we don't double bottom around the $3000 level, I think we're headed to $2000. Considering this, going into fiat/tether is not only the safe play, but probably the smart one too. If BTC breaks through resistance to the upside, you miss out a some of the profit, but you can quickly get back in and make it up with bullish alts. However, if it breaks to the downside and you are in alt coins, you may suffer big losses. A drop to $2000 from here is almost a 50% drop in BTC and the alts will sell off simultaneously losing you even more. If you are in fiat, you could double your Bitcoin and buy up some crazy cheap alts for the next bounce! There is so much upside to sacrificing a small bit of profit in case Bitcoin falls to the down side. Remember, it's not what you make, but what you can keep. I'm not saying buy or sell anything. What you do with you money is your choice. This is just my take of the daily BTC chart and my assessment is still negative, so proceed with caution and keep your eyes peeled. Sometimes we get so caught up in the micro charts that we fail to look at the macro/big picture. I will be staying vigilant and will try to keep you updated.
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Smaller time frame
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Bear flag, bias to the downside. I think breaking $3600 could send BTC to retest the previous low.
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