$BTC and Alts: Medium to Long Term Price Analysis
Quick Macro Market Update:
Alts are looking very weak, but it does not appear that their - nor BTC's - bull run this cycle is over yet!
Alts are dumping, which is not surprising seeing as how BTC.D (bitcoin dominance) is rallying for the 1st time in months. When BTC.D rallies, it shows us that money is flowing out of alts and into BTC. This is why many alts are not holding up as well as BTC, even the stronger alts.
Looks like BTC and the alts are building foundations. I see this an incredibly bullish on the macro time frame (weeks to months) and anticipate incredible gains in the coming months!
If the market was going to see a "V" recovery, we likely would have already had a much stronger recovery! I thought that was going to be the case and I was going heavy into spot when price dipped, but with new data, that thesis has since changed.
That said, it appears that we will have some sideways ranging price action in the coming weeks before again launching to new ATHs! (all time highs). This sideways 'consolidation' will help to build a base for the market. Once it has a strong foundation, I suspect we'll see more parabolic pushes to the upside.
All that taken into consideration, these coming weeks will likely be 'the best time since the start of this bull run to acquire alts inexpensively'!
—
BTC Update
It appears BTC will see some sideways price action between 30K-45K in the coming weeks.
As long as weekly candles are closing above the last weekly high at $32,275, I remain macro bullish on BTC and the market at large. I look at any move down to the 30K base support zone as an incredibly opportunity as long as daily candles are not closing below the 30K base support zone.
Further, I would not be surprised to see price fall below the recent wick low to wash out all the folks whom thought they bought the bottom. I am keeping a close eye on price action and should
BTC come down that low again, we will be looking to capitalize on that opportunity!
—
Game Plan
As far as spot goes, I'll be looking to identify range lows for all the alts in the coming days, then acquire accordingly.
As far as the leveraged trade game goes, I'll be looking for short-term, support/resistance range trades until this market commences trending again.
—
Thoughts
Preservation of capital is of utmost importance in this stage of the game. If you don't have a plan, then don't trade.
Money flows from the impatient to the patient. Best to wait for price to come to you vs. chasing!
I foresee some incredible opportunities here in the coming weeks, then when the consolidation is over, its on like Donkey Kong!
---
Guide to My Charts
-The purple horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
---
Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
Alts are looking very weak, but it does not appear that their - nor BTC's - bull run this cycle is over yet!
Alts are dumping, which is not surprising seeing as how BTC.D (bitcoin dominance) is rallying for the 1st time in months. When BTC.D rallies, it shows us that money is flowing out of alts and into BTC. This is why many alts are not holding up as well as BTC, even the stronger alts.
Looks like BTC and the alts are building foundations. I see this an incredibly bullish on the macro time frame (weeks to months) and anticipate incredible gains in the coming months!
If the market was going to see a "V" recovery, we likely would have already had a much stronger recovery! I thought that was going to be the case and I was going heavy into spot when price dipped, but with new data, that thesis has since changed.
That said, it appears that we will have some sideways ranging price action in the coming weeks before again launching to new ATHs! (all time highs). This sideways 'consolidation' will help to build a base for the market. Once it has a strong foundation, I suspect we'll see more parabolic pushes to the upside.
All that taken into consideration, these coming weeks will likely be 'the best time since the start of this bull run to acquire alts inexpensively'!
—
BTC Update
It appears BTC will see some sideways price action between 30K-45K in the coming weeks.
As long as weekly candles are closing above the last weekly high at $32,275, I remain macro bullish on BTC and the market at large. I look at any move down to the 30K base support zone as an incredibly opportunity as long as daily candles are not closing below the 30K base support zone.
Further, I would not be surprised to see price fall below the recent wick low to wash out all the folks whom thought they bought the bottom. I am keeping a close eye on price action and should
BTC come down that low again, we will be looking to capitalize on that opportunity! —
Game Plan
As far as spot goes, I'll be looking to identify range lows for all the alts in the coming days, then acquire accordingly.
As far as the leveraged trade game goes, I'll be looking for short-term, support/resistance range trades until this market commences trending again.
—
Thoughts
Preservation of capital is of utmost importance in this stage of the game. If you don't have a plan, then don't trade.
Money flows from the impatient to the patient. Best to wait for price to come to you vs. chasing!
I foresee some incredible opportunities here in the coming weeks, then when the consolidation is over, its on like Donkey Kong!
---
Guide to My Charts
-The purple horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
---
Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
General Inquiries: t.me/cryptoguru369
Twitter: twitter.com/CryptoGuru369
Twitter: twitter.com/CryptoGuru369
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.
General Inquiries: t.me/cryptoguru369
Twitter: twitter.com/CryptoGuru369
Twitter: twitter.com/CryptoGuru369
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.