Hello everyone, welcome back.
last few days been great days for traders, bulls been taking over the market and we saw some great pumps on different coins, lets checkout bitcoin to see whats going on here
Bitcoin managed to break the downtrend channel, failing to go further down from 46k and with a breakout and pull back to 48k level, we saw a great bullish move helping us toward reaching the 50k level.
checking out the daily chart candle by candle you could see that we have a good momentum right now, meaning that this move is going to last for now.
*use the chart above for major support and resistances level.*
Now currently bitcoin is forming a trading range between 50.4k and 51.4k, meaning that its gonna be here for a while. after that I expect a breakout causing the price rise to 53k level.
Now lets take a look at BTC.D chart and see whats going on.
as you can see BTC.D is at the bottom right now and candles are looking weak meaning that we are probably going to go back up. a simple rule about BTC.D is that when
TOTAL
is rising and BTC.D is going down or staying down, this means that Altcoins are going to go up, why ? its simple because the money that is entering the market is not spent on BTC, so its spent on other coins. now what happens when
BTC.D
goes up?
well simply, money is taken out of alt coins and spent more on BTC, causing btc price to go up and alt/btc pairs to suffer.
now should we sell our altcoins and buy btc? not exactly, there might be some good alt coins going further up based on their fundamentals or technical and again BTC.D going up usually effects the Altcoin/BTC pair as Bitcoin gains more worth than the alt coins in this period.
For long term and mid term, everything looks good, there is a good potential for another big bull run, some alt coins are going to go 2x - 5x and bitcoin is going toward ATH.
*Keep in mind this is not a financial advice*
last few days been great days for traders, bulls been taking over the market and we saw some great pumps on different coins, lets checkout bitcoin to see whats going on here
Now currently bitcoin is forming a trading range between 50.4k and 51.4k, meaning that its gonna be here for a while. after that I expect a breakout causing the price rise to 53k level.
Now lets take a look at BTC.D chart and see whats going on.
TOTAL
is rising and BTC.D is going down or staying down, this means that Altcoins are going to go up, why ? its simple because the money that is entering the market is not spent on BTC, so its spent on other coins. now what happens when
BTC.D
goes up? well simply, money is taken out of alt coins and spent more on BTC, causing btc price to go up and alt/btc pairs to suffer.
now should we sell our altcoins and buy btc? not exactly, there might be some good alt coins going further up based on their fundamentals or technical and again BTC.D going up usually effects the Altcoin/BTC pair as Bitcoin gains more worth than the alt coins in this period.
For long term and mid term, everything looks good, there is a good potential for another big bull run, some alt coins are going to go 2x - 5x and bitcoin is going toward ATH.
*Keep in mind this is not a financial advice*