I think we are almost ready for a cooloff across the board for our Altcoin friends. 2 of my most accurate indicators are showing signs of overheating. I think we will see a consolidation period towards the ATH. Look out for Mid April/may as local bottom.
I saw this fractal that I wanted to share. Looks very identical to our current path. Maybe a quick leg down, to get some momentum, and then towards 55k. Cheers, Jani :)
Based on PA only, The BTC/USD pair is currently forming a classic Wyckoff Distribution (Top Formation). This setup may indicate a short term top & trend reversal. Furthermore, RSI hinting at bear divs on 1,2,3,4 hour timeframes. Not financial advice ;)
Just an idea. Fractals seem to line up nicely for a similar pattern.
I'm seeing similar vibes to May for the BTCEUR pair. A consolidation at this range would be an extremely bullish sign for Bitcoin, also allowing room for some money flow into Altcoins again. Let's see what happens.
Based on Moving Average trend analysis and backtesting, price is more likely to retreat lower towards the 200MA at $15700 (4 hour chart). Long Entry @ $15700 SL @ -5% TP @ $17000 (8.2% Profit Target) Happy Trading. :)
Looks like momentum is slowing down based on lower highs on RSI (4 hours) and backtesting previous patterns on the 4h chart. I'd expect choppy action to continue for while (further relief for ALTS), followed by a sharp 20% selloff as soon as price converges with the 200 EMA. 2 levels I'm looking at are €11500 and €10600. (Not financial advice. Just some ideas. :)