First of all, let's dive into when do you buy after a fall? Well... What we are seeing is, by all means, a bottom, but you have to be cautious because although we are sitting on a support line that goes back months, just below it we have a support system that would make more sense. So the question is; Do we trust this to be the bottom? My answer is I don't, and this is why: 1) Alts are not going up which means there is a tremendous amount of caution. 2) Every chance to go over the 200MA has failed. 3) The 61.8% retracement spot, along with the 200MA for the 3D timeframe are below our current place. 4) Death Cross pending. 5) If you believe in candlestick patterns then we are forming a bear flag. [strong]So the headline here is, keep your cash until we go over the 50MA on the 1D with a decisive candle. [/strong] This move will signal that there is a desire to start moving up. Until then I believe we are going down some more. Also, since we are not 100% sure if this is the bottom or not you should start looking into buying alts right now, at least 25% of your working capital, and no more than that. I already did so, I bought NEO, XRP, BNB and LTC. Remember to risk only what you can responsibly afford to lose. There will be many, many chances like this to keep making money. In time I will reveal my strategy for doubling your money every year.
SO WHAT IF BTC DID THIS? This is the scenario you need to be on the lookout for, this is a fast way to triple or double your money, if you see it developing then you better jump in. If money starts coming in -- and we will be able to see it in the chart below -- then BTC will go up. Right now we are at 215 billion, as it goes up and up BTC price also goes up, BUT if money gets distributed to Alts as it comes in -- which we will see on the next chart -- that's when you will see a parabolic growth on the top 10 -15 alts.
This is the chart that tells you the % point in BTC vs All other alts. We are hovering around 69% which means that if more money comes in right now 69% of it goes to Bitcoin and the remaining 31% gets distributed among thousands of other Alts -- that sucks by the way. So what we want to see is that when money comes in, that percentage drops to 60% or below. At that point, we will see the good times roll. LTC to $200.00, NEO to $40.00, XRP to $1.25 and so on... This is a very likely scenario in the coming weeks.
Follow me to stay ahead of the chaos.
NOW, THE LEGEND; Support trendlines are green Resistance trendlines are Red Horizontal support lines are white, the thicker the stronger the support 50 Moving Average is yellow 200 Moving Average is white
THE TREND: Ranging sideways THE OUTLOOK: Almost safe to buy BTC but let's wait just a little more.
@cryptoGats, @CryptoBullet My intuition is looking for an upside scenario. The UN started an ETH foundation with no intentions of selling and Amazon accepts bitcorn, eth and litecoin payments as of today. That's bullish news to me, and sideways at the very least. Big money's apparently hodling.
cryptoGats
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@Steve_Wellingsworth,Steve good info as always, for sure pressure is beginning to build up, we have to get rid of the mentality that we’ll hit 2k or anything like that. We have to continue to watch for indications both technical and fundamental that we maybe going up. I do not see the fundamental positive news alone will move the needle, we may just need to drop to 6500 - 7000k to pick up more buyers.
cryptoGats
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This is a very small timeframe but if it does not move over the 50MA (the line in yellow) it will go down to the 100MA (the thin blue line.)