Yesterday price shot up and took out the important top at 16480, which created a reversal
swing on the , with a highler low and a high high in place, though the
new high might not be carved out fully as of yet. Price advanced above the defined
channel, and has since pulled back for a retest of the breakout level.
The daily has been tested and gave initial support. Either this is the start
of another two day consolidation or we will see a quick advance to the 18000 level,
that is the target of the that was triggered before new year. Today this
is also approximately the Daily R1. A sharp sell off today should be supported by the
previous top and former resistance at 15400 which is also the Daily S1.
The flow between Altcoins and Bitcoin only explains a part of Btc gains, as both the
Alts and Btc make gains over time. My own Altcoin portfolio of 15 coins and tokens
only made a smaller total pullback after a quick bigger pullback initially when Bitcoin
took off. The total market cap has grown to new All Time Highs and will soon hit
the 800 Bln $ mark. Because of the current dynamics it is a good idea to keep some
Bitcoin to balance the risk in a cryptoportfolio.
Many traders are unfamiliar with but I have found them useful
over the years in , at times . A is just a certain
flow of high and lows were each extreme point has a particular strength as measured in
Currently the that I could see coming on Dec 28, actually played our perfectly,
as a buying opportunity. I also bought BTC myself here, when price hit the D level.
The first target of the is simply the 1,272 extension of the whole pattern X-C and
stands at 17950. The second target, if price continues, is the 1,618 Fib extension at
19800, or basically the current All Time High.