I'm going to keep this brief. From the last post we called the falling wedge breakout with a first target of 9.2k and a second target of 10.8k at which the log-scale downtrend resistance line will either be broken or we will go down to lower support levels. Well, the price went up quite a bit (from 7300$) and the market looks healthy. We are still waiting on the price to test the log-scale downtrend line, that said I got multiple observations that indicate that BTC is bullish.
**Right now we are seeing a lot of altcoins spiking in price we are also seeing Bitcoin pump harder than LTC and ETH.
Altcoins are pumping for one last time before a new uptrend rally starts in BTC in which Alts will go to the bottom to the lowest levels of accumulation. (Whales pump alts to get people in, so they can get out in fiat and BTC)
As for LTC and ETH, Usually BTC goes up in an uptrend rally while ETH and LTC fall back to the bottom with Alts and we are already witnessing this happen. In other words, LTC and ETH are no longer going up with BTC by the same amount and with time they will start dumping while BTC pumps. We have seen this happen before multiple times and right now we are seeing the beginning of it.
So based on these notes/assumptions I would say that the time to sell alts including LTC and ETH is nearby and BTC will start a new upwards rally soon.
I disagree with the alts/btc current situation. BTc completed an EW cycle from $200 to $1200. Completion of that cycle and it's stalling in price for a couple months led to an altcoin explosion. Then money went to btc. Considering most alts are at 70-85% off their respective highs, im seeing a lot of alts bottoming here and starting their wave 1s of the new cycle.
My opinion is that alts will crush while btc is healthy but below 20k. Once btc in blue sky breakout mode ...then we run to btc.
The _only_ reason anyone buys BTC is to buy "alts". Which is a name for these superior tokens we shouldn't be using anymore. Implying that they're an "alternative" to the worlds most useless shitcoin is an insult.
kesmoments
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No more bears? Lol
cryptopaatje
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I would say: buy now, sell friday!
according to my JOES-fractal we are not getting bullish. A small bull-trap coming this days.
After that down to 4K-5k region!
Check it out!
Gibmoses
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karlkrawall
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Have you abandoned the overall falling wedge? Looking at this charts, it would make sense to test the resistance of the triangle next, before a final drop to break the triangle support and find a bottom at 6k or 5.4K? Have you abandoned your bearish scenario?
karlkrawall
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@karlkrawall, Considering Alts,it's really interesting what you write. Most Alts I follow are indicating one more, big drop before breaking out of their long time downtrend channels, but I wasn't sure what to make of it previously.
DCFreak
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@karlkrawall, the red channel is the equiv of the falling wedge. it's still a possibility.
freeeka
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good point on the ALTS vs BTC moves... what about BCH? same logic?
My opinion is that alts will crush while btc is healthy but below 20k. Once btc in blue sky breakout mode ...then we run to btc.