Turning point for crypro marketq
Clearly we are all waiting to see if Bitcoin is going to form a head and shoulders pattern (Will it bunce of 53k, or will it pump?), meanwhile on crypto cap we have already reached that point and what happens next over the course of the next week is going to be a decisive moment, either for a massive pump or a massive dump. As we all know BTC dominance as at about 40% hence the alts are still good for now. But I am very neutral at the moment and not taking any trades to see the outcome of bitcoins and crypto's major fight with that resistance point. Obviously there is a lot of speculation but there is no point to gamble right now. We have to wait and see, how the stock market performs as well, we know there is a bad storm coming, but will the storm happen now, or later this is the major question and that's why S&P and Crypto have been trading in a range for a while. S&P did break ATH Today and crypto clearly broke out of it's range, so I am leaning bullish now, as much as i hate to admit it.
Current patterns to watch that are playing on crypto is Cup and handle that's been forming over the last couple weeks, which seems to be bullish with targets at 58k, and the Wyckoff accumulation that's been one for one forming that cup and handle where we are in phase D, if that 53k on daily close we are going to be in the pump phase E of wyckoff, and i for sure expect a pump..
But like i said we just have to wait and see, you know if S&P decides to make a bad dump by New Year's and cause a major dump in crypto. Patience, this is gonna be a very rewarding swing trade.
Current patterns to watch that are playing on crypto is Cup and handle that's been forming over the last couple weeks, which seems to be bullish with targets at 58k, and the Wyckoff accumulation that's been one for one forming that cup and handle where we are in phase D, if that 53k on daily close we are going to be in the pump phase E of wyckoff, and i for sure expect a pump..
But like i said we just have to wait and see, you know if S&P decides to make a bad dump by New Year's and cause a major dump in crypto. Patience, this is gonna be a very rewarding swing trade.
Comment:
looks like we are in for some underground party if you know what i mean time to open shorts, now is ok, but wait on hourly close below 47,500 is better ride with stop loss at 48500, first profit target 45.5, then 42, then 38, then 35, once first target met break even on stop loss to be moved.
If break bearish, I expect BTC at 30K (SHORT 20k gain)