$BTC.X #cryptocurrency #bitcoin potential big b/o setting up
after consolidating for a couple of weeks, Bitcoin may be setting up for a large breakout toward ATHs at 20k+. However, it will need to clear the region outlined in the box, which was a choppy region moving toward and breaking down from the 20k local top a few weeks ago. For this reason, I see 18k as a key level to either breakout above or consolidate under over. Ideally, the breakout would come soon showcasing strength toward 20k.
While we have had a nice market for trading alt coins over nearly a month (see coinhills.com/statistics/volume-bitcoin-altcoin/), this nurturing environment may become choppier where people look to coins with more solid underlying fundamentals. I anticipate the turning point to be where Bitcoin breaks out above 18k to begin this trend reversal where attention is focused on Bitcoin again.
In the meantime, however, opportunities in alts persist and short surges in Bitcoin can provide valuable entries into other coins. They have been considerably strong since December. The "obvious" trade is when Bitcoin goes up alts go down - that was the major paradigm late last Summer into the Fall. Can a new trend develop where alt coin prices become uncorrelated with Bitcoin? Absolutely. That would definitely throw people off and is a future possibility you should keep in mind.
If you're interested in trading alts and don't yet have an account to do so, I recommend Binance (referral link that helps me a little while you still retain low (0.05% via BNB) fees: launchpad.binance.com/register.html?ref=10276631) and Bittrex (more alts, lately more sluggish though).
While we have had a nice market for trading alt coins over nearly a month (see coinhills.com/statistics/volume-bitcoin-altcoin/), this nurturing environment may become choppier where people look to coins with more solid underlying fundamentals. I anticipate the turning point to be where Bitcoin breaks out above 18k to begin this trend reversal where attention is focused on Bitcoin again.
In the meantime, however, opportunities in alts persist and short surges in Bitcoin can provide valuable entries into other coins. They have been considerably strong since December. The "obvious" trade is when Bitcoin goes up alts go down - that was the major paradigm late last Summer into the Fall. Can a new trend develop where alt coin prices become uncorrelated with Bitcoin? Absolutely. That would definitely throw people off and is a future possibility you should keep in mind.
If you're interested in trading alts and don't yet have an account to do so, I recommend Binance (referral link that helps me a little while you still retain low (0.05% via BNB) fees: launchpad.binance.com/register.html?ref=10276631) and Bittrex (more alts, lately more sluggish though).
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