As I am writing this, BTC is nearing the ATH that so many of us have been anticipating. However I am unsure that the market is ready to sustain these new high levels.
Now before I go any further I want to mention that this is only a theory of mine. Based entirely on my thoughts and understanding of the current market. It is nothing but an idea, that is right nor wrong, only a possibility.
My Reasoning:
I believe that over the recent days we may have been witnessing an artificial pump.
Based on data I have pulled from external sources. The ALT coin market cap fell 5% on Oct 9th.
That same day BTC rose 4%, while many of the top alts rapidly declined or remained completely stagnate.
Now as many of us know, most exchanges do not offer direct USD pairs with altcoins. Therefore, in order for someone to sell or EXIT an Alt, they must first go through BTC. In turn this raises the price.
This is why I called it an artificial pump.
So time will tell whether this transfer of ~$5 Billion USD is sustainable in the market, or is actually an exit strategy.
My plan of action:
IF BTC breaks the current upward trendline, I will place my first short.
My 1st target is a historical support zone. This zone was not tested in this last rally up, but depending on the velocity of the drop, it may be a zone to watch out for.
IF that Zone fails, my next target would be the Marjor Upward Trendline.
This trendline will likely hold a lot of support could be very difficult to break. Watch out for large bounces leading to an upward trend continuation.
I believe this scenario is the most likely.
IF that trendline fails, my final target zone is set between the .236 and .382 retracement levels.
That being said, I still believe a double top is still a possibility.
If we happen to break the ATH I would then watch out for the 2.618 level. This would mark the completion of a Bearish Gartley, and I would expect a heavy retracement at that point.
Thanks for the read, and I wish you all the best of luck!
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Now before I go any further I want to mention that this is only a theory of mine. Based entirely on my thoughts and understanding of the current market. It is nothing but an idea, that is right nor wrong, only a possibility.
My Reasoning:
I believe that over the recent days we may have been witnessing an artificial pump.
Based on data I have pulled from external sources. The ALT coin market cap fell 5% on Oct 9th.
That same day BTC rose 4%, while many of the top alts rapidly declined or remained completely stagnate.
Now as many of us know, most exchanges do not offer direct USD pairs with altcoins. Therefore, in order for someone to sell or EXIT an Alt, they must first go through BTC. In turn this raises the price.
This is why I called it an artificial pump.
So time will tell whether this transfer of ~$5 Billion USD is sustainable in the market, or is actually an exit strategy.
My plan of action:
IF BTC breaks the current upward trendline, I will place my first short.
My 1st target is a historical support zone. This zone was not tested in this last rally up, but depending on the velocity of the drop, it may be a zone to watch out for.
IF that Zone fails, my next target would be the Marjor Upward Trendline.
This trendline will likely hold a lot of support could be very difficult to break. Watch out for large bounces leading to an upward trend continuation.
I believe this scenario is the most likely.
IF that trendline fails, my final target zone is set between the .236 and .382 retracement levels.
That being said, I still believe a double top is still a possibility.
If we happen to break the ATH I would then watch out for the 2.618 level. This would mark the completion of a Bearish Gartley, and I would expect a heavy retracement at that point.
Thanks for the read, and I wish you all the best of luck!
DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Order cancelled:
This is why the chart above was filled will confrimation levels. Not one has yet to be hit.
Here are some key levels to watch out for on this swing up.
Good luck!!
Here are some key levels to watch out for on this swing up.
Good luck!!
Comment:
Its okay to laugh. I'm laughing too :D
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