If there is one thing you keep on hearing from me is about Bitcoin -1.03% not being in "bull run mode" yet.
Yes, Bitcoin -1.03% has been going up for an entire month now, but we are still within a huge downtrend, and the Altcoins market, which is the most relevant to us (me and my supporters), continues in its long correction.
So what to expect next?
We will still keep on taking on a few trades as they come available, but we will keep the focus on short-term, why? Because we are in a bear market (Altcoins market - Bitcoin -1.03% is its own market), and this means that the overall trend is down.
These trades risk is higher as they can go sour pretty fast, so it is important to know that there are risks involved when trading cryptocurrencies. In fact, there are always risks involved when trading anything, no news here, but I think is good to receive a reminder from time to time.
When will the correction be over?
The market will decide.
Bitcoin -1.03% has been going up steadily and slowly, but there isn't much momentum and volume lately. Also, I have this feeling of uncertainty that is really big, and this tells me to be cautious and so I AM.
So we continue trading. Yes we can trade.
But we also remember that the risk is higher with the Altcoins market the way it is now... in the red.
Another detail about the relationship between Bitcoin -1.03% and the Altcoins market is the following: In the phase we are now, any sudden move made by Bitcoin -1.03% can crash the Alts.
If Bitcoin -1.03% shoots up strong, the Alts can start to crash until Bitcoin -1.03% stabilizes or show some signs of slowing down.
If Bitcoin -1.03% starts to crash to retest earlier support levels, the Alts will also suffer. So what to do in this situation?
We wait... Patiently. Because we know it is better for our pockets, as traders, because we surely know it is best.
So use that last line to remember, that you are A DIVINE 2.56% LIVING BEING... AND YOU DESERVE THE BEST!
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- Namaste.
The red dotted resistance line on the chart is the one that I got by using the logarithmic scale option.
Above you have the linear scale view but with both resistance lines drawn. This gives us a "wider" perspective.
I was waiting for Bitcoin to break above everything and reach the "moon" as everybody was saying but I wanted confirmation first. It turns out we are still in the same place we were a week ago.
I am a Bitcoin bull.
I love Bitcoin and all cryptocurrencies. They make me rich and help so many of us.
But right now we are still in this downtrend, and we are in it until we are out of it. That is what I believe.
So I will let Bitcoin do its thing. And I will be back to celebrate, once more, together, when we are KING.
- Namaste.
P.S. I respect you for what you are...
I love you for what you are...
You are EVERYTHING!
That's what you are.
Know it because it is true.
Same chart with "log scale" on. We are on top of strong support right now. This is a "pressure point".
SOURCE
BTC Market dominance sitting around 41% right now. At what point do we expect that to start shifting back into our precious alt coins? Im very bullish on the alt market at the moment, especially a few low cap ones in particular. Give it a month or two for the money to start moving back towards altcoins? Thoughts? Cheers for the writeup @a-blockchain!
Dear @tomthemuss, Only the market will decide when will the correction be over.
Yes patience is better than haste, what i need to see is, how big the correction this week... if BTC can stay above $10.000. this is very good... Here's the two possibilities I am seeing:
Hi, great post, have followed you. What do you think of the current state of the Bitcoin market?
Hi dear @cryptoissweet thank you ))
Bitcoin still represents the entire market. The Altcoins do not have enough recognition, and the name of the game is still Bitcoin.
For example, you see some Altcoins breaking out and away from Bitcoin, that's something you never saw happen in the past. So your vision might already be taking place.))
Based on the current structure that is intact at the moment, the buyers are still technically in control.
Usually when there is a break out, the break out candle closes strong which is not happening. This means it is important to pay more attention to the range of the next candle. If price breaks below 11050, that is a sign of weakness which will be confirmed with a close below 10750 which coincides with the break of the bullish trend line . These signs of bearish momentum can be used as catalysts for lightening a position, or as a stop loss, depending on the type of long trade you are managing.
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