Im looking at the hourly right before the close today and we are fighting to stay in the triangle pattern which coincidentally merges with the .236 fib down there so it provided some support but not before we dipped all the way down to 9850. My stop loss was in serious danger earlier but the price recovered after a pretty rough start to the morning. But we have recovered some ground so we will see if the bulls can take some momentum and push those candles back up a couple of fibs. I am still cautiously optimistic but sentiment seems very mixed at this point. RSI is on the oversold side at 43. Conditions could facilitate a rise but volume is the key factor. On the hourly we have both the 50 and 200 MA to climb over not to mention the cloud. Bitcoin can bust right through it but I really thought the triangle would get invalidated today but its still in play. Daily volume today was at $19,432,766,381 and Bitcoin dominance is currently at 69.87%. I really want to see Bitcoin go up from here but we will have to see if we can bounce above the multiple different areas of resistance above us on the hourly. But WTFDIK?
She's playing with the lower limit of this triangle, for sure. If it continues, it'll be time to re-evaluate our limit/line placement, and look in the last few days for further ideas for guidance. There's a lot going on, and remember, we're doing TA on either one of multiple exchanges, or an amalgam of all the exchanges, which can lead to margin errors and missed line placements. If the trend continues, however, we may be in a short term retracement, or at the very least, a solidification of the horizontal. Look for the next 12-24 hours for guidance, and a possible continuation of the horizontal channel for continued accumulation. Cheers and good luck!
Hedgehog_king
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Looks like we are going down, if we go lower then 9050 then this is the end game all the shorters such as myself have been waiting for, we will reach 7-8.2k which I've been talking for so long lol...
DeanoGunz
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I think all the alts are extremely undervalued right now, how much is bitcoin to blame for that?
Hedgehog_king
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@DeanoGunz, this is the answer I gave some of the people who I've seen debating it out:
Guys, I want to provide you an answer from me that I've answered to another group about the expected Alt season debate they had:
- Jesus guys, as long as we are in this descending/symetrical triangles, no ALT season is comming... how can you be so blinded by this fomo which all are talking about...
- The more people sure about it, the less likely it will come, whales aren't stupid, they see all this excitememnt and they can easily keep on liquidating/bankrupt people like so....
- For real Alt season to come you need BTC to pump above ATH (for fresh fomo money to enter), only then you will see people move it out of BTC to Alts...
- BTC won't let other ALTs to get close to it in price, thus he needs a big rise before it will let other Alts to move...
- And atm, BTC is in troubles, because if it falls below 9050, then all ALTs will suffer new ATLs for very long while.
- I really don't think a whole Alt season will come ever, if it comes then it will be either:
1. Pump and dump alts to worst atl, while BTC keeps growing further away
2. Only real Alt projects with a lot of perfect Fundementals and a lot of good vibe sentimentals from community will rise (One example is Tezos, another "might be" example is Qash if they will really succeed and bring all that was promissed...)
- 99% of Alts will disapear by the end of 2022 from my perspective.
- Very rare few will stay a live and progress with natural rise in price compared to BTC (Just like silver and other real life 'scares' assets compared to gold)
- Alts talks/vibes remind me of when people talked about ath after BTC corrected from 20k to 8-10k xd, people just couldn't believe it will go much much deeper, all were talking only about the rise of BTC again, and it kept going lower and lower until people stopped talking about BTC XDDDDD
- 100% of Crypto/BTC social groups, just looked to me as if they died at that time ahahahah, so this might be same case for ALTs ^_^
* Dont rely on Alts, dont trady Alts, dont try and guess when Alt season will start and get burnt until then, just wait for either:
1. Alt season started and confirmed.
2. BTC breaks ATH.
Bullandbeartrading
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Good bitcoin view and description.
UnknownUnicorn4304403
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@Bullandbeartrading, Thank you very much. Im learning more and more every day