possible 4th triangle? Things we have to look at (BTC)
Hello everyone
Another green day in cryptoworld. Today an update on BTC price-action and some things we have to look at.
Let’s get straight in to this!
-So first of all I would like to talk about something I came up with for the first time 2 months ago. Could this new uptrend be a beginning of a possible 4th triangle? We see clear similarities in all the triangles that were formed in the past. A nice uptrend, followed by a huge downtrend and bottoming at +/- the same level as it started. The fact that the volatility went down in this market, made the triangles smaller.
-Other great news is that finally all cryptos valuation and price-actions are not similar anymore. For exemple: if BTC went 2% up, ETH price went up with 3%, LTC with 4% and so on. If BTC went down, ETH, LTC and all the other cryptos were following. This seems now over. (let’s hope so)
-The BTC-dominance is 47,2% at the moment. If you compare that just before the rally from December (55-60%) that’s relatively low. I expect from now on a higher volatility from BTC in comparison with the other coins, BTC-dominance will rise. I guess that we could possibly see 55%-60% before a rally of alt-coins can start.
-Over to the ‘bad news’ if we take a look to the BTCUSDLONG chart. This chart could possibly tell us that the bulls are getting tired. Nevertheless, if you check the BTCUSDSHORT chart, we can clearly see that the bears are not enthusiastic either. This tells us that a lot of people don’t know what to do at the moment, they are ‘neutral’. Take advantage of that!
Orders:
-I will wait until BTC confirms its price above 8K (2days), if prices are stable, I will place an order at 8.1K., stoploss 7.7K. Now I have enough BTC, there is no hurry.
Another green day in cryptoworld. Today an update on BTC price-action and some things we have to look at.
Let’s get straight in to this!
-So first of all I would like to talk about something I came up with for the first time 2 months ago. Could this new uptrend be a beginning of a possible 4th triangle? We see clear similarities in all the triangles that were formed in the past. A nice uptrend, followed by a huge downtrend and bottoming at +/- the same level as it started. The fact that the volatility went down in this market, made the triangles smaller.
-Other great news is that finally all cryptos valuation and price-actions are not similar anymore. For exemple: if BTC went 2% up, ETH price went up with 3%, LTC with 4% and so on. If BTC went down, ETH, LTC and all the other cryptos were following. This seems now over. (let’s hope so)
-The BTC-dominance is 47,2% at the moment. If you compare that just before the rally from December (55-60%) that’s relatively low. I expect from now on a higher volatility from BTC in comparison with the other coins, BTC-dominance will rise. I guess that we could possibly see 55%-60% before a rally of alt-coins can start.
-Over to the ‘bad news’ if we take a look to the BTCUSDLONG chart. This chart could possibly tell us that the bulls are getting tired. Nevertheless, if you check the BTCUSDSHORT chart, we can clearly see that the bears are not enthusiastic either. This tells us that a lot of people don’t know what to do at the moment, they are ‘neutral’. Take advantage of that!
Orders:
-I will wait until BTC confirms its price above 8K (2days), if prices are stable, I will place an order at 8.1K., stoploss 7.7K. Now I have enough BTC, there is no hurry.
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