BTC Bullrun, Altcoin Summer, and a few picks!
Are you ready to ride the bull?
After a few weeks of a much needed correction, BTC and Alts are starting to look really good again.
BTC broke the 10k downtrend line recently, which should act as support, and we're nearing the fib that has one of the best probabilities of holding up the .618. The fact that it aligns quite well with the downtrend line isn't for show, it's painting a highly probable breakout in the near future.
Although we could drop to the golden zone, I think there is more risk is waiting when the reward is as high as it is moving up. Waiting for a breakout seems smart, but if you miss a quick ascension most of the time spent waiting on the sidelines for a good deal will be wasted.
It's really not that hard for BTC to go back to 8600. There isn't much resistance in the form of units as we've seen the RSI continue to show less oversold candles during the sideways action of the low 8k region. My personal opinion is that there won't be much resistance there either and we won't start to see some until the mid 8700's and with how much the supply has been drained, it's possible that a big player buys a big bag and the bots need to continue a trend, to have the amount of units to continue being market makers.
Over the next month or so, we will see another attempt to bring BTC up and over 10k, and this time it will be a lot easier. I'm expecting BTC to eventually get into the 11k region and maybe higher if the fomo hits, supply units continue to run dry during critical moments, and ultimately if people don't sell too early.
During that time there are a few alts to bag up, in order of expected R:R
WAN - Heavily corrected, innovative and useful to all blockchains, and a very low supply all suggest a massive run could happen at anytime. I don't see much in it's way either unlike a lot of potential risks that a few of the other picks below will have.
Although I am a big fan of VEN, it has not really corrected much over the past few months, and with main net, VET, nodes, etc it could be dumped into the FOMO of the FA marketing there. It's less likely than an airdrop but sell the news, buy the rumor is still very relevant. I'm currently mixed on the young Antshares look alike, but overall feel like it's a decent pickup if you're into the longer dividend game.
I've been looking into ELF lately and although the $1 decentralized blockchain is very tempting, I feel like it will have to fight more inbound supply in the future. Although max supply is 1B currently there is only 250m in the market, which is fairly low for a coin that shows promise and is currently sitting at $1.22 - It's pretty heavily retraced, at one point it was sitting near 40% when the rest of the alts on discount were at 33%. It's still fairly new into the game, as the charts don't really have data for it for a full year, so it could be doing the standard sideways infant stages before the big breakout.
I'm pretty mixed on EOS. On one hand it seems Bitfinex wants to integrate it into just about every function of it's business, but on the other hand there is a lot of negative PR out there. It was one of the strongest movers thus far this year, and could continue to be, but overall I feel like was a lot of fomo going on, and although I do expect it to do well, I'm not sure exactly how well. Supply isn't really all that low, but if enough people are using it, liquidity will dry up. The elliot wave count on it supports a very big push but it could have already finished a 5th and we might only see a B wave on the next BTC rally. I'm not sure if EOS is priced in or not, but I do not expect it to nearly as well as it did respectively to the last run up. That being said, I'm still interested in it as it could end up seeing some sort of double from the current $12 region, but I'm not sure that a 3x is there. Personally, I'm trying to look for coins that have a decent probability of a 3x over the next few months. EOS could.
Not financial advice
After a few weeks of a much needed correction, BTC and Alts are starting to look really good again.
BTC broke the 10k downtrend line recently, which should act as support, and we're nearing the fib that has one of the best probabilities of holding up the .618. The fact that it aligns quite well with the downtrend line isn't for show, it's painting a highly probable breakout in the near future.
Although we could drop to the golden zone, I think there is more risk is waiting when the reward is as high as it is moving up. Waiting for a breakout seems smart, but if you miss a quick ascension most of the time spent waiting on the sidelines for a good deal will be wasted.
It's really not that hard for BTC to go back to 8600. There isn't much resistance in the form of units as we've seen the RSI continue to show less oversold candles during the sideways action of the low 8k region. My personal opinion is that there won't be much resistance there either and we won't start to see some until the mid 8700's and with how much the supply has been drained, it's possible that a big player buys a big bag and the bots need to continue a trend, to have the amount of units to continue being market makers.
Over the next month or so, we will see another attempt to bring BTC up and over 10k, and this time it will be a lot easier. I'm expecting BTC to eventually get into the 11k region and maybe higher if the fomo hits, supply units continue to run dry during critical moments, and ultimately if people don't sell too early.
During that time there are a few alts to bag up, in order of expected R:R
WAN - Heavily corrected, innovative and useful to all blockchains, and a very low supply all suggest a massive run could happen at anytime. I don't see much in it's way either unlike a lot of potential risks that a few of the other picks below will have.
Although I am a big fan of VEN, it has not really corrected much over the past few months, and with main net, VET, nodes, etc it could be dumped into the FOMO of the FA marketing there. It's less likely than an airdrop but sell the news, buy the rumor is still very relevant. I'm currently mixed on the young Antshares look alike, but overall feel like it's a decent pickup if you're into the longer dividend game.
I've been looking into ELF lately and although the $1 decentralized blockchain is very tempting, I feel like it will have to fight more inbound supply in the future. Although max supply is 1B currently there is only 250m in the market, which is fairly low for a coin that shows promise and is currently sitting at $1.22 - It's pretty heavily retraced, at one point it was sitting near 40% when the rest of the alts on discount were at 33%. It's still fairly new into the game, as the charts don't really have data for it for a full year, so it could be doing the standard sideways infant stages before the big breakout.
I'm pretty mixed on EOS. On one hand it seems Bitfinex wants to integrate it into just about every function of it's business, but on the other hand there is a lot of negative PR out there. It was one of the strongest movers thus far this year, and could continue to be, but overall I feel like was a lot of fomo going on, and although I do expect it to do well, I'm not sure exactly how well. Supply isn't really all that low, but if enough people are using it, liquidity will dry up. The elliot wave count on it supports a very big push but it could have already finished a 5th and we might only see a B wave on the next BTC rally. I'm not sure if EOS is priced in or not, but I do not expect it to nearly as well as it did respectively to the last run up. That being said, I'm still interested in it as it could end up seeing some sort of double from the current $12 region, but I'm not sure that a 3x is there. Personally, I'm trying to look for coins that have a decent probability of a 3x over the next few months. EOS could.
Not financial advice
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