Bitcoin - Huge alt-season is starting! (buy altcoins)
Updated
- Bitcoin dominance is going down, and in confluence with this sideways price action, I expect a huge alt-season! It's a great time to buy some altcoins.
- We can clearly see that the price of Bitcoin is stuck in this rising wedge pattern. Because of it, generally, there is a higher probability of the price going down, but we still have plenty of time, and the price can stay inside for another 30 or 50 days.
- We need to wait for the rising wedge pattern to show us the direction. The trendline of the rising wedge is slightly ascending, which is unpleasant to the bulls for a breakout. It tends to make swing failure patterns above the previous high, but you can take advantage of it and short it.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
- Trading Bitcoin on higher timeframes is currently not worth it because of its low volatility. You can still trade it on an intraday basis. But I prefer altcoins at this moment because the Bitcoin dominance chart (BTC.D) is showing some signs of weakness.
- Bitcoin broke out of the market structure in recent days but quickly went back up. So we need to be patient. To increase the probability of success, switch to altcoins!
- Litecoin's halving event is in 6 days, which should send the price to the moon. We will see... I am prepared for it.
- This is a quick update on BTC; I am not short or long on it. I trade altcoins!
- Thank you, and for more ideas, hit "Like" and "Follow"!
Note
Zoom-in to the recent price action:Note
A lot of people ask me why I post different ideas every time. First of all, there are trading ideas based on bullish and bearish technical analysis. It must confirm your analysis.
Second, follow my latest updates, which are the most accurate. Trading is not an easy job and you need to stay focused and take all possibilities into consideration.
Note
Ready for a breakout! Watch this pattern:
Related publications
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.