I've come to believe that this crypto index is a very good indicator of which direction crypto is moving. We observe crypto as a complete market and make of best predictions.
Recently crypto has been more explosive than usual, which can also be observed by the spikes. i do not believe this is sustainable for the time being, and i would not be surprised to see a bear market taking place for a few weeks.
On the chart we see a clear double top across our crypto index. It's already reflected in on the chart. The question is now wether this will be a large scale correction or bounce towards new highs. I'm leaning towards the first scenario, but always be prepared for the other outcome.
Trade ist aktiv
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Keep an eye on .236
Trade ist aktiv
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Either we doom to .236 or we see a W bottom with more upside.
@KTAS, Thanks..this is cool. Looks like a big downturn will happen when I checked 1year graph. Does this mean the alts will breakdown as well including BCH?
KTAS
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@imkeshav, Everything tend to follow down when real corrections occur. However, the recovery is usually swift with alts while BTC might take time to consolidate.
I'd suggest to long BCH once we find some sort of bottom in the market.
imkeshav
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@KTAS, Thanks for the info! My portfolio is 60% BCH@340. With your analysis I believe it will be driven lower although it is pretty good price now. I've shared your analysis as well