13/05/2019/08:00CET
If TA is worth anything, then take a look at this amazing cup and handle formation!
BTCUSD Daily on Bitfinex
- Soooo many people expected 6k to be resistance. Soooo many had prepared to BTFD. Have these guys missed the boat? Is what we see them capitulating and pilling in in panic?
- I cannot help but see this perfect cup and handle in the chart. But what sort of handle will we get and will it give us a BTFD opportunity?
BTCUSD Daily on Bitfinex - closer up
- We have really streaked away from the 21DEMA. Ever cell in my body tells me we need to retest this indicator.
- I expect (hope) to see this retest in the next few days to a week at which point it will be around the 6300 range.
As a bounus chart this is our market cap top 20
- It is clear to me that there has been a change in the relationship between #BTC and alts
- What exactly this new relationship is is still unclear
- One theory I have heard but not delved into any deeper is that the shit coins are being liquidated in a final purge and captal is flowing back into BTC as the reserve coin.
What do you think guys:
- Will we get another buy in opportunity at the sub 6k levels?
- What fundamentals are driving this price surge since TA seems to have been swamped by something as we raced past 6k?
- Do you subscribe to the idea of a shit alt coin purge with capital flowing back into BTC?
- Will we recouple with Alts: ala 2017 style? (i.e. when BTC ticks up, Alts surge, and the same on the way down again)
Would love to get your thoughts guys in the comments section, And as always guys, have fun and trade safe.
Disclaimer: This post is not financial advice. Before investing any funds do your own research and make your own decisions. Cryptocurrencies are highly speculative.
And finally: Do not invest money you are not comfortable losing.
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