BTC swipe spot stops and trap shorts
Updated
Pretty obvious h&s here on weekly chart.
I don't think this is the top because of the cycle theory and the fact that as long as BTC holds 38-40k we're still in bull trend.
A drop down to 38k-42k will just make a hidden bullish divergence on weekly, and from there go straight toward 70ks
Alts have been exploding recently and the Bitcoin dominance chart is at the support. I find this to be similar to May 2017 where BTC dominance found support and dominance increased by 26%.
Just taking 20% from the alt market of $1.33 trillion would be $266 billion. Add the $266 billion to BTC's market cap and divide the total by the number of coins in circulation you get the value of around 70k
I think the best play here is to buy BTC if it drops to 38-40k, maybe buy some alts if they are showing strength vs BTC. Then as BTC gets to around 70k, I think it would be good to move into alts.
Tldr: I think btc drops to 38k-
42K, traps shorts, clears stop losses, and then reverses hard and makes a move toward 70k. Take it easy, buy some BTC and wait. Then convert into alts when BTC reaches 70k.
Let me know what you think,
Thanks
I don't think this is the top because of the cycle theory and the fact that as long as BTC holds 38-40k we're still in bull trend.
A drop down to 38k-42k will just make a hidden bullish divergence on weekly, and from there go straight toward 70ks
Alts have been exploding recently and the Bitcoin dominance chart is at the support. I find this to be similar to May 2017 where BTC dominance found support and dominance increased by 26%.
Just taking 20% from the alt market of $1.33 trillion would be $266 billion. Add the $266 billion to BTC's market cap and divide the total by the number of coins in circulation you get the value of around 70k
I think the best play here is to buy BTC if it drops to 38-40k, maybe buy some alts if they are showing strength vs BTC. Then as BTC gets to around 70k, I think it would be good to move into alts.
Tldr: I think btc drops to 38k-
42K, traps shorts, clears stop losses, and then reverses hard and makes a move toward 70k. Take it easy, buy some BTC and wait. Then convert into alts when BTC reaches 70k.Let me know what you think,
Thanks
Note
Went a lot deeper than 38k but that showed as an even better buying opportunity. Now we wait for weekly close.
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