Bitcoin is resting on pretty strong support for now but as more candles pile up on top of that white horizontal line it will get heavier and break. If we go up it may not be too much higher than the combination of the green trendline and 200MA. All the up moves we have been having will culminate once they hit the 200MA for now. One thing to count on is that you will never have too many green candles together or too many red candles together, so we are due for a green candle. Usually, it is 3 to 5 candles of one color before the other color makes an appearance. Over the weekend I notice that the 7K are is becoming stronger and stronger, in my opinion, we may drop as low as $6,700 but we'll come back to 7K a few times before we start going back up. Right now the 4K scenario is not in play at all so don't let anyone tell you we are going that low. It may become a possibility at one point and we'll talk about it once we get there. This is the long view of the road map so it is easier to see where we are and where we are headed.
Now, some interesting charts I've created for you guys. Below you'll see the Crypto Total Market Cap, Which shows you how much money comes in and goes out at any given time. Money has come in over the weekend (About 10 Billion dollars) this chart and the next one below called BTC Dominance, give you a good leading idea as to where we are headed. I'll tie it all together in the next paragraph. for now, keep in mind that money has come in and stayed in the crypto asset class.
Ok let's look at the BTC Dominance chart Here we can see that Bitcoin has lost a little dominance. So if money has come in and alts have gained ground that tells you that quite possibly it may be the start of alt season soon (let's hope).
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: Going a little further down but near the bottom. THE OUTLOOK: Almost safe to buy BTC but safe to buy top 10 market-cap Alts now and as they dip.
Be safe and follow me to make money and stay ahead of the curve.