ETF express - BTC nearing 50% share, possible ALT crash
ALTs bottoming out and poised to potentially break down as folks jump onto BTC (47%). I'm not convinced the ETF will happen but if it does everyone is expecting a pump. Sad to say but typically I laugh at the 'moonboy' charts over the last 6 month with lines pointing straight up but I'm horrified to think for once (!) they might be right and there may be a gold rush (and dump).
BUT, THIS IS WHAT I AM LED TO BELIEVE
So, kicking the tires on a few ideas:
Plan A:
- I was bullish but I sold off ALTs a day or so ago - Perhaps I'm struggling to shake the bear but my current scenario looking at fractals is mapped on the chart for BTC with BTC dropping back down to test the upward trendline.... and potentially developing a rising wedge. Note: Increase is shorts.
Plan B:
- That being said, volume on BTC is good (despite a dip over the last few days then a pump to get the weekend warriors off the sidelines). Meanwhile ALTs are down - see BNB, ETH. Expecting ALTs to continue to break down. This would typically make me think BTC will break down as well but is this not similar to the scenario about a year or two ago - BTC soaked up the market and ALTs took 6 months to recover?
I did alright over the last week or so not rushing into a decision - current plan is pick up BTC if it breaks the EMA 200 and longterm down trend and buy back on XLM if it hits 0.279 or lower and then holds.
I've set this as short but I winced when I clicked the button. Looking into events a year or so ago to assess hypothesis and make decision. Hard Forky.
BUT, THIS IS WHAT I AM LED TO BELIEVE
So, kicking the tires on a few ideas:
Plan A:
- I was bullish but I sold off ALTs a day or so ago - Perhaps I'm struggling to shake the bear but my current scenario looking at fractals is mapped on the chart for BTC with BTC dropping back down to test the upward trendline.... and potentially developing a rising wedge. Note: Increase is shorts.
Plan B:
- That being said, volume on BTC is good (despite a dip over the last few days then a pump to get the weekend warriors off the sidelines). Meanwhile ALTs are down - see BNB, ETH. Expecting ALTs to continue to break down. This would typically make me think BTC will break down as well but is this not similar to the scenario about a year or two ago - BTC soaked up the market and ALTs took 6 months to recover?
I did alright over the last week or so not rushing into a decision - current plan is pick up BTC if it breaks the EMA 200 and longterm down trend and buy back on XLM if it hits 0.279 or lower and then holds.
I've set this as short but I winced when I clicked the button. Looking into events a year or so ago to assess hypothesis and make decision. Hard Forky.
Comment:
well A was a fail but B is on. Not through the LOG downward trendline yet
Comment:
This turned out to be a good call despite XLM not catching the bottom and hitting my target as planned and having to buy in higher. Expecting BNB to come good now then i'm in FIAT until I work out what's next (BTC might push on)
Comment:
Sooo close!
