BTC is ready to rally, so keep your eye on the Alts
Updated
BTC has had a massive dump recently, as we all know. I myself have been burnt by this, getting too emotional and focusing too much on alt-coins. Mea culpa, mea culpa, mea maxima culpa. All that being said, the best time to buy is when there's blood in the streets, and there's absolutely blood in the streets right now.
Looking at a daily chart of BTC we see a bounce every single time RSI dips below 20. While history doesn't repeat itself, it does imitate itself, and since we are also seeing other oversold signals as well as a massive volume spike and hammer, it's a reasonable assumption we have found bottom. We may slip a bit, but now is the time to re-enter the market long-term. Think 1 year from now.
Finally, the SEC notes from yesterday were extremely positive. Watch this senate hearing live, and you may be pleasantly surprised in 24 hours!
I still believe alt-coins are where the majority of profit lies, and will be allocating my portfolio appropriately. However, I've learned my lesson - follow the king. And the king is about to rise.
Strategy: Long-term entry into market for remainder of year, while focusing on alt-coins for profit and increasing BTC stack
Basis: RSI oversold on daily, at supporting trendline, massive volume spike, hammer candle.
Entry: half this morning, re-enter fully after senate hearing.
Looking at a daily chart of BTC we see a bounce every single time RSI dips below 20. While history doesn't repeat itself, it does imitate itself, and since we are also seeing other oversold signals as well as a massive volume spike and hammer, it's a reasonable assumption we have found bottom. We may slip a bit, but now is the time to re-enter the market long-term. Think 1 year from now.
Finally, the SEC notes from yesterday were extremely positive. Watch this senate hearing live, and you may be pleasantly surprised in 24 hours!
I still believe alt-coins are where the majority of profit lies, and will be allocating my portfolio appropriately. However, I've learned my lesson - follow the king. And the king is about to rise.
Strategy: Long-term entry into market for remainder of year, while focusing on alt-coins for profit and increasing BTC stack
Basis: RSI oversold on daily, at supporting trendline, massive volume spike, hammer candle.
Entry: half this morning, re-enter fully after senate hearing.
Trade active
On the hourly we see a bit of a divergence with the MACD, and we are probably due for some healthy contraction today. After all, we have run from a low of around $5,900 to a high of $8,500 in only 36 hours.The primary support level is in the $7,800-8,200 range. If we break this support then the long-term bear trend is not broken and it would be advisable to close your long positions until we get some more bullish movement.
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