Monday Market Update - Back Up From Here? Well Maybe After...
Crypto is on the rebound! And the sun is shining through the clouds. But lets take a look and just see what we're looking at before we get too excited.
Historically, May and June are pretty poor months for BTC - keep that in mind for this analysis.
First off looks like our bullish bat on BTC seems to be holding solid, this would imply some upside is in the cards short term from here. Supported by RSI and TD9 both in reversal areas.
we see BTC.D had a nice breakout as the market collapsed and people rushed out of alts but not as bad as would be expected on a real end of the world crash. Looks more like a very sudden, intense correction - "just a correction" - right guys?!?!
Market caps both total and total2 are looking in good position. Total stopped where it should for us to get more growth from the market, and total 2 is shaping up into a nice inverse A/E implying an increasing buy pressure on alts through the consolidation of BTC after the dump.
Overall it's looking like short term up is definitely in the cards, obviously, but I would look to the 45k to 50k area to see where we're really going. If we get a big re-short on BTC here then expect a push below 30k quicker than you probably think it will right when people get comfortable with the bull-run being back on.
What does this mean for alts? Well recovery across the board short term and more charts that want to break out starting their new price discovery on their way to the moon. If we get a re-short on BTC I anticipate the alts will get hit hard, but I'm expecting a lot of them to hold their bottom support of their retracement levels if they have started their breakout. It's very important in these markets to wait for confirmed movement to avoid dead cat bounces - If something breaks out wait for the retracement and buy in then for maximum safety.
Take care and be safe!
Historically, May and June are pretty poor months for BTC - keep that in mind for this analysis.
First off looks like our bullish bat on BTC seems to be holding solid, this would imply some upside is in the cards short term from here. Supported by RSI and TD9 both in reversal areas.
we see BTC.D had a nice breakout as the market collapsed and people rushed out of alts but not as bad as would be expected on a real end of the world crash. Looks more like a very sudden, intense correction - "just a correction" - right guys?!?!
Market caps both total and total2 are looking in good position. Total stopped where it should for us to get more growth from the market, and total 2 is shaping up into a nice inverse A/E implying an increasing buy pressure on alts through the consolidation of BTC after the dump.
Overall it's looking like short term up is definitely in the cards, obviously, but I would look to the 45k to 50k area to see where we're really going. If we get a big re-short on BTC here then expect a push below 30k quicker than you probably think it will right when people get comfortable with the bull-run being back on.
What does this mean for alts? Well recovery across the board short term and more charts that want to break out starting their new price discovery on their way to the moon. If we get a re-short on BTC I anticipate the alts will get hit hard, but I'm expecting a lot of them to hold their bottom support of their retracement levels if they have started their breakout. It's very important in these markets to wait for confirmed movement to avoid dead cat bounces - If something breaks out wait for the retracement and buy in then for maximum safety.
Take care and be safe!
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
t.me/KadnimCrypto
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