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What a week for crypto. The alts were leading the charge dragging
Bitcoin with them. Usually, it's the reverse trend, but not this time around. Throughout this week, Bitcoin was slaying all resistance levels thanks to the bullish momentum, and it was ignoring all indicators of a reversal at key resistance levels, specifically $9,000 - $9,500. This caused the market to go in a buying frenzy, and then....... hit a brick wall at the 61.8% retracement! All that momentum stopped and dropped the market and bulls to their knees. Is it over?!?!
Let's see what's happened during the course of this bull run.Bitcoin has tested each FIB retracement level then immediately entering a consolidation period. Now, we can't expect Bitcoin to follow the same pattern, but we can use it to gauge an expectation for market psychology.
On the four-hour chart, we can seeBitcoin tested each level of the FIB retracement inside the upward wedge, followed immediately with a consolidation period. In this consolidation period, the alts took control of the market. Bitcoin has broken the upward wedge trend and is expected to form a bull flag pennant as indicated on the chart. If history tells us anything, Bitcoin will consolidate over the next few days, and the alts will once again need to take control of this market and drag Bitcoin past the 61.8% FIB retracement for the next test at $10,800. If the alts flounder, well then Bitcoin has four key levels of support.
If the Bull flag holds, it's the perfect time to find those key alts to compound your gains!
Follow us on Twitter, listen to our podcast, and stay current on our latest action in the crypto market. Making money in bear!
As always, be smart with your money. Topics discussed in this post are not financial advice. DYOR
What a week for crypto. The alts were leading the charge dragging
Bitcoin with them. Usually, it's the reverse trend, but not this time around. Throughout this week, Bitcoin was slaying all resistance levels thanks to the bullish momentum, and it was ignoring all indicators of a reversal at key resistance levels, specifically $9,000 - $9,500. This caused the market to go in a buying frenzy, and then....... hit a brick wall at the 61.8% retracement! All that momentum stopped and dropped the market and bulls to their knees. Is it over?!?!Let's see what's happened during the course of this bull run.
Bitcoin has tested each FIB retracement level then immediately entering a consolidation period. Now, we can't expect Bitcoin to follow the same pattern, but we can use it to gauge an expectation for market psychology. On the four-hour chart, we can see
Bitcoin tested each level of the FIB retracement inside the upward wedge, followed immediately with a consolidation period. In this consolidation period, the alts took control of the market. Bitcoin has broken the upward wedge trend and is expected to form a bull flag pennant as indicated on the chart. If history tells us anything, Bitcoin will consolidate over the next few days, and the alts will once again need to take control of this market and drag Bitcoin past the 61.8% FIB retracement for the next test at $10,800. If the alts flounder, well then Bitcoin has four key levels of support. If the Bull flag holds, it's the perfect time to find those key alts to compound your gains!
Follow us on Twitter, listen to our podcast, and stay current on our latest action in the crypto market. Making money in bear!
As always, be smart with your money. Topics discussed in this post are not financial advice. DYOR
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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.
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.