BTC Correction
When the CME listed BTC futures starting Dec 17, 2017, BTC then did a -86% retracement from 16k.1K to 3.8k over the next 470~ days, before going on its uptrend into this epic bull run, starting exactly one week after it was listed on the CME.
Tomorrow marks the start of the second week for ETH futures on the CME.
If we look at ETH/BTC pair, we see that it rocketed up at this time. Looking at David's Phoenix Indicator, if we are in phase C of a Wyckoff Schematic, BTC and ETH will slowly retrace releasing pressure, with BTC moving down and ETH moving sideways.
What we are beginning to enter is a Backing Up/ Last Point of Support. As BTC begins a retrace down, ETH will accumulate much of BTC's distribution.
This is a heavy case for the short of BTC, as Alts and ETH continue to gain momentum. Right now BTC Dominance is at 61.28 with ETH.D at 14.2, both having slid the last week down. Once BTC comes down enough, ETH will soar to new ATH, aiming for the next 6-16 weeks.
BTC has been on a 338D bull run, gaining 1,198%, overshadowing the previous 262D whipsaw that ultimately left it down 73%. If you think BTC can go higher, you're not wrong; it can always continues to surprise us. However the R:R to the downside cannot be dismissed. The future upside targets are 53k, 58k & 64k.The downside targets are 42.5k and 35.5k.
The MACD on the ETH/BTC also shows we have hit a ceiling of resistance.
I am completely flat as of last night, and will scalp for profits until I see the market unfold, and it tells me it's direction. I would rather re-accumulate for a small loss if I'm wrong, and have my bags packed and ready to buy the bottom for a big gain if I'm right, then try guessing what's going to happen when it's a decisive time from a Macro perspective. In the last 3 months we've seen institutions and large investors come into the picture.
Grayscale Investment Holdings 37.31B
Symbol -- Total Holdings
BTC - - - 653.852K
ETH - - - 3.12M
LTC - - - 1.39M
ETC - - - 12.28M
BCH - - - 269K
ZEC - - - 290K
ZEN - - - 598K
XLM - - - 56.45M
Please check out Wyckoffmode for David's profile to support all the incredible work he has done.
Tomorrow marks the start of the second week for ETH futures on the CME.
If we look at ETH/BTC pair, we see that it rocketed up at this time. Looking at David's Phoenix Indicator, if we are in phase C of a Wyckoff Schematic, BTC and ETH will slowly retrace releasing pressure, with BTC moving down and ETH moving sideways.
What we are beginning to enter is a Backing Up/ Last Point of Support. As BTC begins a retrace down, ETH will accumulate much of BTC's distribution.
This is a heavy case for the short of BTC, as Alts and ETH continue to gain momentum. Right now BTC Dominance is at 61.28 with ETH.D at 14.2, both having slid the last week down. Once BTC comes down enough, ETH will soar to new ATH, aiming for the next 6-16 weeks.
BTC has been on a 338D bull run, gaining 1,198%, overshadowing the previous 262D whipsaw that ultimately left it down 73%. If you think BTC can go higher, you're not wrong; it can always continues to surprise us. However the R:R to the downside cannot be dismissed. The future upside targets are 53k, 58k & 64k.The downside targets are 42.5k and 35.5k.
The MACD on the ETH/BTC also shows we have hit a ceiling of resistance.
I am completely flat as of last night, and will scalp for profits until I see the market unfold, and it tells me it's direction. I would rather re-accumulate for a small loss if I'm wrong, and have my bags packed and ready to buy the bottom for a big gain if I'm right, then try guessing what's going to happen when it's a decisive time from a Macro perspective. In the last 3 months we've seen institutions and large investors come into the picture.
Grayscale Investment Holdings 37.31B
Symbol -- Total Holdings
BTC - - - 653.852K
ETH - - - 3.12M
LTC - - - 1.39M
ETC - - - 12.28M
BCH - - - 269K
ZEC - - - 290K
ZEN - - - 598K
XLM - - - 56.45M
Please check out Wyckoffmode for David's profile to support all the incredible work he has done.
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