BTC & ALTS - THE TWO CHANNEL SETUP STILL HOLDING - WEEKLY UPDATE
Hello everyone,
not much happening this week if we look at the chart with the swing trader eye. For Scalpers, it is a different story, as the week offered good opportunity to enter short term trades.
As we can see, the two channel setup is still holding, despite a false breakout (as of now)
The area 10,000-10,300 display a bunsh of strong supports as we can se from the chart and from the last week update (see the link below). Truth is that market sentiment is not great now, but until those levels are not broken, I would not worry too much. The trend is still up even if many people expecting 8xxx-9xxx levels. However, stock indexes are not well positioned, and we know about the correlation of btc with them.
A different story is for Alts: as we can see below we are at a crucial point.
We have two scenarios:
1 - A further btc drop with conseguqent dominance increase will cause a meltdown.
2 - An increase of BTC will pump alt as well, or they can even anticipate the btc move.
Currently, despite the recent drop, we are in the second scenario.
AT THE MOMENT I AM NOT INCREASING MY POSITIONS ON BTC AS IT IS NOT CHEAP ENOUGH AND STOCK MARKET IS NOT WELL. I PREFER TO WATCH.
not much happening this week if we look at the chart with the swing trader eye. For Scalpers, it is a different story, as the week offered good opportunity to enter short term trades.
As we can see, the two channel setup is still holding, despite a false breakout (as of now)
The area 10,000-10,300 display a bunsh of strong supports as we can se from the chart and from the last week update (see the link below). Truth is that market sentiment is not great now, but until those levels are not broken, I would not worry too much. The trend is still up even if many people expecting 8xxx-9xxx levels. However, stock indexes are not well positioned, and we know about the correlation of btc with them.
A different story is for Alts: as we can see below we are at a crucial point.
We have two scenarios:
1 - A further btc drop with conseguqent dominance increase will cause a meltdown.
2 - An increase of BTC will pump alt as well, or they can even anticipate the btc move.
Currently, despite the recent drop, we are in the second scenario.
AT THE MOMENT I AM NOT INCREASING MY POSITIONS ON BTC AS IT IS NOT CHEAP ENOUGH AND STOCK MARKET IS NOT WELL. I PREFER TO WATCH.
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