BTC: Yet Another Moment of Truth
As a primarily alt-coin trader, I have enjoyed the ALT rally that comes with when BTC falls into a sideways channel. On the chart, the channel is quite clear and it is also apparent that BTC is moving within two extended fib levels (2.618 + 3.618) creating a sideways channel and despite a prior attempt to break resistance, BTC is still ranging between $1500 and $12000 (reminiscent of the moves between $7,000 and $5,000 before the breakout that brought us here). It is still unclear whether or not we will have a similar rally but the fact that BTC is maintaining this price level at the moment is promising.
At the moment, BTC retesting the 200MA on the 4HR and is likely going to test the current support if it fails to breakout here. The Moving Average Cross here tells us that a major price movement is likely in the next days (possibly hours). Breakout confirmation is when BTC can close an hourly candle above $16000. If this happens, I doubt the candle will stop there. The enthusiasm for $20K BTC would likely drive the price straight to $18200 (4.236 Fib) and momentum would carry it further.
On the other hand, as BTC has been unable to crack though this resistance and the MA cross prove to be as it was a few months ago, price may consolidate to a lower level, testing prior support. Watch out for a break of the 2.618 Fib Extended Level on the 4HR (moving average cross increases the risk of this happening). If unable to breakout here, we could see a return to $12,000, a possible reversal area. As we are still in an uptrend this is highly speculative and only applicable if MA Cross leads to reversal of current trend.
In my opinion, BTC looks ready for another rally but that is highly dependent on the ability of new comers into the market to weather the turbulence and the ability to maintain dominance at the current Market Cap. Even so, at this point, every dip will be bought up with the hopes that BTC what happened last year at this time happens again. Hell, this might just be the first wave of a larger leg beginning. Either way, stay alert and trade smart.
I'll be sharing more thoughts on BTC and Major/Primary Altcoins in the coming days so stay tuned and check out my telegram channel for more: https://t.me/cryptoswitch
BTC needs to cross 200MA here
Thats more like it. Bearish MA Cross: BTC Dip
A rally is not out of the cards yet and a dip here will actually prep BTC for an attempt to reach the breakout zone again (what goes down must come up and FOMO is still on the table)
BTC Rallying here and testing resistance. Nearing Breakout Zone. This may be a good place to scale back on your alt portfolios and buy back cheaper =]
Target hit. Current move reaching completion. BTC gonna take a breather here. Thanks for following along =]
If you follow my ideas, you should check out my telegram channel you haven't already. Created specifically to get more in depth: https://t.me/cryptoswitch
Currently breaking down this BTC move on telegram. Come check it out: https://t.me/cryptoswitch
and take the loss, be more careful next rally.