It has been a few days since I have given my technical crypto opinion on the crypto space and bitcoin and rightfully so. Anyone who tells you what is going on does not have any clue what they are talking about, likely just permabulls looking to revisit the tens of thousands soon.
I am here to give you the facts, the honesty, the unbiased zero personal opinion analysis of the current state of the crypto market.
Bitcoin has bounced. It took it a long while. Pretty much the first half of 2018 has been a gigantic bearish waste of time. I have been saying the Feb lows we’re going to be tested for the past 6 months and I finally got the test. Looking at the chart below it is very clear that we are still in the MIDDLE OF NO MANS LAND. it has become more constructive. The Feb lows have held the line and we are bouncing. My belief is that 9k is going to be very tough and that is likely when we see some ALTS shoot up. Other alts are starting to “follow bitcoin” but their moves come after the fact when bitcoin pauses and pullbacks.
We are still in the range. 6800 was the buy, now we are in a waiting game with bitcoin or we move to BUY ALTS!
Litecoin is where I usually go to immediately following looking st bitcoin. It usually moves with bitcoin but can lag it some because it is cheaper. Litecoin has significant 25+% upside from here. I think any Litecoin move up here we are headed to 100+ with the resistance at 103ish. This likely happens on the break above initial resistance in the 80s.
Ethereum is the next big alt to look at. It moves when bitcoin doesn’t and it usually has a tendency to move ON ITS OWN. It actually looks much better than Litecoin. You can see it has pulled back to a long term trendline and is HOLDING and COILING. this is very bullish and I would be looking to long Ethereum here!
Last quick look is at Bitcoin cash. It looks much like Ethereum as it made its low before the past couple months and has been going sideways and holding. I realize I have been looking for a puke to go long but we may not get it. The lows for now are holding and the risk is UP!!
While i am not convinced we are going back to highs RIGHT NOW...the fact that Bitcoin and crypto will reach new all time highs again is almost 100% inevitable. We have entered the phase where the mainstream media has found out about bitcoin and bought some bitcoin (and sold some lol), but they have not EMBRACED BITCOIN OR CRYPTO by any means.
Just hope we aren’t in this area (where the arrows are on a weekly basis are rhyming with where we are now) and everyone here is gonna be alright! :)
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