Hey again, THIS IS TOTALLY just speculation. I'm deciding to trade a bit more on the bearish side. I can't wait for BTC to pick up the pace, but I'm going off of the fib lines and I'm not yet confident it's ready for a bull market. I do sense a generous pull back down into sub 30k levels and as such the alt coins will be affected by this, one of my favorite coins (ICP) that has been trading pretty closely with BTC (though a bit undervalued relative to it, just in my opinion :P ) will likewise decline. of course if the wedge(pennant?) breaks upwards and a trend begins I will trade bullish on ICP and this chart will mean essentially nothing, so do NOT place faith or anything, this literally was thrown together by me ( a rookie) in a matter of 15 minutes. I'm just saving it here more for my own reference :) we'll see what happens! If anyone has any ideas or inputs, let me know! Be safe out there guys, and DON'T OVERLEVERAGE, that's exactly what they want you to do, and why bear markets become so strong. margin calls create a domino effect of more margin calls and the short positions increase and it just continues. Don't become a statistic.
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This seems to be a more reasonable call. I'm going to restrain myself from buying any dips outside of what I've plotted here, hopefully it plays out, I'll keep it updated ;)
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Just an update: I have some buys open varying in price from 55-64. Those are floating for now and may change depending on how rapidly ICP shifts due to BTCs dominance over it currently. I do foresee a resurgence in alt prices in general (specifically ICP) in the future. I would say you could buy now and be relatively safe, with a possible -10-13% decline, as I don't really see ICP moving below 50. As it currently is, it's bearish to me, but it may be a wise choice to scale in some buys. Of course, I'm not a financial advisor :P