LINK is building a huge rising wedge...
If that thing triggers we are going a 60% decline in value vs BTC.
It could, but I don't think this chart is going to hit the upper boundary before falling through the wedge.
XTZBTC also looks very bad (chart analysis follows)
BNBBTC also looks bad (analysis follows)
Other big coins too.
The most logic outcome in my opinion is: Bitcoin is going to pump in value and people will move from ALTS to bitcoin.
If Bitcoin goes down, people would not convert LINK / XTZ / BNB etc to BTC but instead to USDT. If they see Bitcoin pump, they move their ALTS to BTC.
Fear and Greed Index on Bitcoin is also quite low for what happened the last few weeks.
Happy Trading!
If that thing triggers we are going a 60% decline in value vs BTC.
It could, but I don't think this chart is going to hit the upper boundary before falling through the wedge.
XTZBTC also looks very bad (chart analysis follows)
BNBBTC also looks bad (analysis follows)
Other big coins too.
The most logic outcome in my opinion is: Bitcoin is going to pump in value and people will move from ALTS to bitcoin.
If Bitcoin goes down, people would not convert LINK / XTZ / BNB etc to BTC but instead to USDT. If they see Bitcoin pump, they move their ALTS to BTC.
Fear and Greed Index on Bitcoin is also quite low for what happened the last few weeks.
Happy Trading!
