BTC corrected heavy and at this point trapped in a symmetrical triangle. I personally think the chart is completely different from the 2014 correction which broke down and pretty confident this triangle will break up. I believe the thing that will set the crypto market back in a full bull trend will be some fundamental news coming out in the near future. I believe the first of many will be legalization of ICOs in Korea and more adoption overall. South Korea has been a huge source of FUD during the correction and I believe they will be also the ones providing Bullish news throughout the bull run. Korea already started moves to legalize ICOs and its connection with ICX and their ICO incubation project all points to the legalization. Also Korea's court recently ruled BTC as an asset which legitimizes its purpose within the country. The second round of bull move I believe will come from the SEC announcing BTC ETFs. The future market opening started a frenzy of buying and I believe ETFs will bring even a bigger round of buying. I see current period as consolidation and volatility will be pretty low for a month or so (in crypto terms).
Aside from fundamentals, I see BTC climbing to the top of the channel in this triangle and probably get rejected and may fall as low as the lower trend line but depending on the market sentiment we may only retrace half way and break out of the triangle to start this run to the EOY. At the worst case scenario, BTC fails to reach the top of the trend line and break below the trend line to go for lower lows, but the lack of sell volume and seemingly lack of supply overall probably will hold BTC above or very close to the low from Feb around 6k and slingshot back up quickly and in huge volume starting a bull trend again.
I see Alts performing better compare to BTC in the next couple months until BTC breaks above 15k and start a parabolic move up. Until then, I'll be holding pretty much all my positions in Alts and start taking profit as targets are reached and BTC looks ripe for take off.
Aside from fundamentals, I see BTC climbing to the top of the channel in this triangle and probably get rejected and may fall as low as the lower trend line but depending on the market sentiment we may only retrace half way and break out of the triangle to start this run to the EOY. At the worst case scenario, BTC fails to reach the top of the trend line and break below the trend line to go for lower lows, but the lack of sell volume and seemingly lack of supply overall probably will hold BTC above or very close to the low from Feb around 6k and slingshot back up quickly and in huge volume starting a bull trend again.
I see Alts performing better compare to BTC in the next couple months until BTC breaks above 15k and start a parabolic move up. Until then, I'll be holding pretty much all my positions in Alts and start taking profit as targets are reached and BTC looks ripe for take off.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.