Yes - BTC is in a selloff once again but this is normal and we've seen this before. In fact, in 2017 we had 5 instances where BTC traded to the 21 Week EMA and even below if for periods of times before the weekly candle close occurred.
This is ONLY the first time BTC has touched the 21 Week EMA in this bull cycle and it is actually very healthy to maintain the macro bull structure.
The largest selloff during one of the five 21 Week EMA touches in the 2017 bullrun was 40%. The selloffs ranged anywhere from 30% to 40% but typically averaged around 34%. The lowest we go in this current selloff (although I think it isn't likely, maybe 20% chance) is
39K which would complete a 40% top to bottom selloff - again, I don't think it is likely to fall that low, but it could. We're at an 80% chance that we've already seen the current bottom imho.
Currently BTC has sold off 35% so we are likely nearing the end of this current selloff which has touched the 21 week ema and has wicked below (remember we are still very early in the week). This has the effect of shaking out every weak hand who just bought in the last 6-8 weeks who will then buy back in once they realize this bullrun is not over.
The alts have been performing well which tells me we are about to see a major run occur once BTC stabilizes. XRP, FTM, FET, ONT, LINK, UNI, and RAMP are top altcoins I have been accumulating.
Here is my latest view and chart on XRP - yes I know a lot of people have strong opinions on it - fortunately I'm not in the business of making people happy but am trying to earn the highest risk-adjusted return - I've never been big into XRP, but I can clearly see this is going to re-test aths shortly considering it's still way below it's ath of $3.29 and it should have its lawsuit either dismissed or settled by the 21st of May.
This is ONLY the first time BTC has touched the 21 Week EMA in this bull cycle and it is actually very healthy to maintain the macro bull structure.
The largest selloff during one of the five 21 Week EMA touches in the 2017 bullrun was 40%. The selloffs ranged anywhere from 30% to 40% but typically averaged around 34%. The lowest we go in this current selloff (although I think it isn't likely, maybe 20% chance) is
39K which would complete a 40% top to bottom selloff - again, I don't think it is likely to fall that low, but it could. We're at an 80% chance that we've already seen the current bottom imho.Currently BTC has sold off 35% so we are likely nearing the end of this current selloff which has touched the 21 week ema and has wicked below (remember we are still very early in the week). This has the effect of shaking out every weak hand who just bought in the last 6-8 weeks who will then buy back in once they realize this bullrun is not over.
The alts have been performing well which tells me we are about to see a major run occur once BTC stabilizes. XRP, FTM, FET, ONT, LINK, UNI, and RAMP are top altcoins I have been accumulating.
Here is my latest view and chart on XRP - yes I know a lot of people have strong opinions on it - fortunately I'm not in the business of making people happy but am trying to earn the highest risk-adjusted return - I've never been big into XRP, but I can clearly see this is going to re-test aths shortly considering it's still way below it's ath of $3.29 and it should have its lawsuit either dismissed or settled by the 21st of May.
Note
Also something to watch - we are about to hit a buy signal on the Hash Ribbons indicator which has never really occurred in the middle of a bull market - a lot of times this indicator occurs after btc has risen significantly from a selloff - something to keep in mind, that you don't necessarily need to wait for the indicator to switch to buy before buying at the lows.Note
The selloff impulses are getting weaker and weaker when looking at 1 hour candles... it's likely near exhaustion
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.