The crypto market is up for a rough week with Bitcoin in a downtrend, the majority (if not all) of the market will go through pain in the coming week. It is to be seen where we can expect a temporary bottom for BTC but if we don't find one above 42K, the market is going for a correction.
Currently we already see a head and shoulders on the total market cap without BTC and its trading on support inside the wedge. When we decisively breakdown from the wedge; I believe we will test support at the 1 trillion dollar supply zone and if that doesn't hold - we go for sub trillion levels of which the red target zone is the most likely one. Buy opportunities will come once we find a local bottom...
We could see some more fake out behavior to the upside or (even better) see money move from Bitcoin to the other coins and BTC becoming less relevant in the time to come... However this will take some time. A bullish scenario for (certain) alts is definitely not excluded yet however the risk / reward ratio for the market as a whole is unsatisfactory at time of writing.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
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Dump round 2 is incoming: pinning highs at the moment to continue to the downside.
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Here's a valuable insight: the coins that are dumping the most today are the ones with the most traditional institutional funding. For example: BTC, ETH and LINK to name three. These coins are the most bearish right now and given I see no future for BTC; ETH and LINK will be my picks at the bottom. Still a long way to go till the bottom though...
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Dump round 3 out of 10 is incoming soon across the board!
Great analysis, I'll follow this thread for updates, thanks mate. I emptied my bags, its too uncertaint at this point with a strong magnet at 900B, rather not profit than cry a river
cryptobullethbtcxlm
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@sirK3, thanks! always book profits before they turn into a loss... the market will always be here with new opportunities
FeederGastro
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Seems like all targets got hit, we finally got some buying preassure, so now maybe a pullback from 1050 to 950 and then up? Or you think we're still going down?