BTC - Quick Consolidation before we keep moving/Grow Alt's Grow!
BTC has stopped it's meteoric rise for the day at least. We see a clear consolidation wedge appearing on shorter time frame charts.
RSI is still strong but does have room to drop if it wants.
MACD just gave us our first bear cross in a while, given our distance from all notable EMA's this is potential for a short term correction.
Most notable element has been the swift decrease in volume over the day. One bump on the buy but other than that, very very sharp decrease. This isn't terribly surprising as FOMO tends to happen all at once and only so much growth can occur at one time.
Only way to know where we're headed is watch the volume when we get close to a boundary of the consolidation wedge. It will spike when we get a move and lead to either 20k or a correction down.
Odds are better on a short from this position. You can set a fairly tight SL above the consolidation triangle. If it does break I've marked likely retest points.
Things are obviously a little different this bullrun from last: the grownups have come to play in the crypto sand box. Does this mean more stability? Not necessarily, institutional investors are tricky foxes, just look at the BART formation that's most commonly attributed to institutional investors making high liquidity situations so they can close their orders.
IF BTC holds this triangle, expect a heavy boom in the altcoin market: BTC dominance is high and due for correction (already appears to be happening). If BTC dumps it will bring the whole market down with it momentarily so don't take high risk positions or you may get bit if it breaks consolidation early.
RSI is still strong but does have room to drop if it wants.
MACD just gave us our first bear cross in a while, given our distance from all notable EMA's this is potential for a short term correction.
Most notable element has been the swift decrease in volume over the day. One bump on the buy but other than that, very very sharp decrease. This isn't terribly surprising as FOMO tends to happen all at once and only so much growth can occur at one time.
Only way to know where we're headed is watch the volume when we get close to a boundary of the consolidation wedge. It will spike when we get a move and lead to either 20k or a correction down.
Odds are better on a short from this position. You can set a fairly tight SL above the consolidation triangle. If it does break I've marked likely retest points.
Things are obviously a little different this bullrun from last: the grownups have come to play in the crypto sand box. Does this mean more stability? Not necessarily, institutional investors are tricky foxes, just look at the BART formation that's most commonly attributed to institutional investors making high liquidity situations so they can close their orders.
IF BTC holds this triangle, expect a heavy boom in the altcoin market: BTC dominance is high and due for correction (already appears to be happening). If BTC dumps it will bring the whole market down with it momentarily so don't take high risk positions or you may get bit if it breaks consolidation early.
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
t.me/KadnimCrypto
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