cryptocowboy2030

Possible rise to 3800 USDT area before a fall out of triangle

BINANCE:BTCUSDT   Bitcoin / TetherUS
I am leaning toward the bearish outcome here, but I think we could easily see a rise to 3800 before we fall out of the triangle. We have an all-too familiar bear flag with BTC , although I don't think the yearly low (and macro low) is far off. Next support I will watch on the way down is 2800.

If we do have this rise to 3800, likely it will take several days during which time Alts may have time to run. Already we have seen several alts have double digit runs in the past few days, although I suspect pump and dump with several of these. I believe many traders are looking at the same pattern and entered alts aggressively when BTC did not fall out of the triangle. I personally like to wait for more confirmation, which we got with our bullish engulfing candle on the daily close yesterday.

I am choosing my alts carefully right now, preferring those which can stop into TUSD or USDT. I don't stay in tether long, however. While the Tether fud has died down, I still like to transfer USDT to TUSD asap and I am happy to pay the fees.

***Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment. Investments can be very risky and any investor should educate themselves before investing by enlisting the help of a licensed financial professional. Past results are not indicative of future results in any construable way.***
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BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
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Thanks, CC.
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What about the weekly 200 MA, don't you think it will hold? (in the case of the bearish scenario)...
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roelkrottje roelkrottje
@roelkrottje, nice chart, by the way! :-)
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@roelkrottje, and thank you!
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@roelkrottje, That is a good question. Most of the time I don't use the longer period MA's as supports/resistances, although a lot of my contemporaries do. So far it's held, but BTC is notorious for moving in a parabolic fashion both up and down, so I wouldn't be surprised if it were broken if only for a small time. I think we will see bottom in Q1. Problem is that we don't have alot of support below 3000, so who knows what can happen if we fall hard.
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roelkrottje cryptocowboy2030
@cryptocowboy2030, appreciate your in-depth explanation! Keep up the great work! :-)
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