Having another look at Bitcoin (BTCUSD), its price continues to aim higher.
Our next target is sitting at $10,375 based on Fib. proportions.
We have strongly bullish indicators and low volume as a continuation signal.
Seeing Bitcoin & Gold both rallying might be signal that the conventional markets are about to take a strong hit and people are jumping to these two "assets" as a safe haven.
Bitcoin going bullish at this stage is very healthy for the altcoins and altcoins market.
Even if Bitcoin runs strong and the altcoins start to retrace big, this is still good news as Bitcoin growing means new money entering the market.
With this bullish move, we are very likely to see the altcoins print a higher low once their retrace is complete.
The altcoins retracing/correcting is as normal as it gets. The market moves in cycles, up and down, up and down...
That's why we always recommend securing profits on target by selling in portions... Enjoy.
I've grown very fond of your trading style and learning loads in the last couple of months. Thank you. Can you possibly share some info on how you choose/place your fib targets in the future? Thank you.
AlanSantana
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@GinjaTrading, I choose any high or low at random depending on the chart and timeframe that I am looking at in the moment.
I share this type of detail on my website as it is more advanced and complex.
qfabhi
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Very helpful ! I wait for your updates on Bitcoin as it helps understanding trend! Got decent profits most of the time!!!
Thanks all the way!
@Successcor, $10,990... Doesn't mean that it will necessarily go there...
The $10400/$10500 is a strong barrier that first needs to break.
Successcor
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@alanmasters, thank you, sooo, what would you do? Take profit at 10375 and wait to see if it breaks the resistance or if pulls back? or take profit and open a short?
AlanSantana
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@Successcor, None of that... I am not trading BTC, we focus on the altcoins.
It also depends on your buy-in, your targets, your capital, your trading style, goals, and so on.