I see a lot of people very bullish on Bitcoin ATM, but in my opinion we still need a correction before continuing up.
If you look at the chart you can see a double top forming, bitcoin might go back down to around 5600 Euros.
ETH broke trough the ascending triangle but with little volume.
I was expecting it to reach around 245 - 260 Euros but the RSI seems to indicate that ETH is a little bit overbought.
My new expectation is that we will reach between 165 - 170 Euros before possibly continuing upwards.
EDIT: you can always discuss different ideas with me.
Descending triangle after a drop is a bearish signal.
At the moment of writing the volume is also descending,
so even if we get a break to the upside I think it'll just be another fakeout.
Something else to mention is that more longs are closing, and more shorts are
opening which is a bad sign to me also.
So I guess next price target is around 5320 Euros.
Possible 10% profit if we can breakout of the descending wedge. So sell around 5900 Euros.
Of course this is a minimum target we could go higher but that implies a higher risk also.
NOTE: trade becomes invalid if we break below the wedge.
As you can see on the chart, Bitcoin is forming a double bottom.
We can only know for certain if it bounces from the 100% fib. retracement.
If it falls far below that I don't think Bitcoin will recover anytime soon,
if it does happen the next support could be as low as around 2500 euros!
I'm LONG for now because I think it will bounce, but if it doesn't you...
NANO seems to be holding up well around the 0.0011311 - 0.0011149 range.
As you can see we failed to break the 0.0012200 level possibly because of the Bitcoin dip.
Despite of the downtrend I think we are in a bullish pattern here on NANO and I would keep an eye on it, watch MACD closely wait for the breakout and then buy.
If you want to set a stop loss aftet...
ADABTC seems to keep steady on the 23.6% Fib.
If you want to make a low risk trade I would buy now and place a STOP order at the level I specified (purple line), that way you can possibly buy at an even lower level when it falls trough the Fib.
I hope Cardano can gain some volume in the following days.
As you can see VENBTC broke trought the triangle which sets for a bearish flag. In my opinion it will reach between 36761 - 28713 satoshis before continuing upwards.
You can place a buy order at any of those levels in between, but as always do your own research and trade at your own risk!
ETC/ETH will probably fall to 38.2% Fib after that it must make a decision go up and reach our target (cyan line) or fall to either 200 EMA or the 23.60% Fib level (yellow line or red line).
It also depends heavily on what Bitcoin is going to do as it tends to take altcoins down with it.
In my opinion Bitcoin will fall to around 7500 Euros and try to break the dark purple dashed line after that, if it fails to do so I guess it'll fall to around 6700 Euros.
Thereafter Bitcoin might test the pink line again which is our common downtrend if it fails to find support there like last time we might be headed to 4800 Euros or even lower.
If it keeps...
Litecoin is holding relatively strong at the the 200 EMA. I guess it could fall to around 130 Euros if Bitcoin fails to find support.
Wait for signs of reversal to trade this because it seems like a dangerous trade to me right now.
Seems to me that an inverse head and shoulders pattern is forming on the 4H chart. This could mean that Bitcoin will test the resistance line at around 9500 Euros once again.
If we do fall trough the 7500 Euros level it doesn't seem to look very good to me. I would only trade this if the indicators show a sign of reversal.
Feel free to discuss this idea with me.