Bitcoin - A full explanation of why ALTS are spiking
This is what's happening right now. Take a look at the charts below, The first one tells you how much money is currently in the Crypto world 203b. The second one is the chart that measures Bitcoin's dominance in the crypto world. So What you are seeing is that there are 203 Billion dollars in crypto right now, of which 67% is allocated to BTC. The lower that number gets the higher alts go. When or why does that number go high? When there is a clear indication that BTC will move sideways for a while, money flows out of BTC and into alts, or the money that comes in goes right into ALts. So this is a good time to go in and buy alts for the short term, they will spike up to their strongest resistance level and come right the hell back down as soon as BTC is done moving sideways. If BTC goes under that green trendline it will be very good news for alts.
THIS IS THE RANGE BTC WILL BE IN (BTC will be stuck between the white and greenline. )
Now... would I advise my friends to play this short term spike? Yes, if you understand support and resistance well. If you don't understand support and resistance stay out and wait to see if BTC is done falling. We are still in a downtrend which is never a good idea to put money in. Remember there will always be green candles mixed in with red ones, we'll spike up even when going down. Don't panic, until we get out of the downtrend channel -- which means we have to hit 9k -- we are still going down. Also please remember that we are under the effects of a "Death Cross" which means we have strong downward momentum.
DON'T FORGET TO FOLLOW ME - STOP LOSING MONEY AND START MAKING PROFITS.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Ranging sideways
THE OUTLOOK: Safe to use a small percentage of your capital to buy BTC or Alts
THIS IS THE RANGE BTC WILL BE IN (BTC will be stuck between the white and greenline. )
Now... would I advise my friends to play this short term spike? Yes, if you understand support and resistance well. If you don't understand support and resistance stay out and wait to see if BTC is done falling. We are still in a downtrend which is never a good idea to put money in. Remember there will always be green candles mixed in with red ones, we'll spike up even when going down. Don't panic, until we get out of the downtrend channel -- which means we have to hit 9k -- we are still going down. Also please remember that we are under the effects of a "Death Cross" which means we have strong downward momentum.
DON'T FORGET TO FOLLOW ME - STOP LOSING MONEY AND START MAKING PROFITS.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Ranging sideways
THE OUTLOOK: Safe to use a small percentage of your capital to buy BTC or Alts
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