Alt Coins Ready to Make Another Correction
In my previous analysis i showed a few scenario's and where the most likely version eventually played out. For this analysis i have zoomed in a bit so we can see the short term signals better. That channel seems to be legit, with a few fake breakouts on the up and down side. In my BTC' analysis i talked about alts not really moving along with Bitcoin bullish movement the past 2 days or so. Even the past half day, it looks like the move up has turned into a bearish wedge. Where we normally see alts being stronger than Bitcoin, today it seems it's the other way around. It could be profit taking from the alts, that are getting exchanged for Bitcoins, that keeps pushing Bitcoin' up without really breaking out. On the low time frame, it's almost moving opposite from each other.
Seems there is a small range between the red and the green support zone. While i am writing this, the wedge broke and the green seems to be breaking as well. I have drawn the big triangle as well here, but i don't like it to be honest. This is because i am missing that move up at the blue circle area. So mixed signals at the moment, because alts are moving towards a good correction while Bitcoin' just doesn't want to drop. To make things easier, i think a break of the red zone will give a good answer to whether alts will move up again or that we will start to see a bigger correction before the rally continues again.
Previous analysis:
Seems there is a small range between the red and the green support zone. While i am writing this, the wedge broke and the green seems to be breaking as well. I have drawn the big triangle as well here, but i don't like it to be honest. This is because i am missing that move up at the blue circle area. So mixed signals at the moment, because alts are moving towards a good correction while Bitcoin' just doesn't want to drop. To make things easier, i think a break of the red zone will give a good answer to whether alts will move up again or that we will start to see a bigger correction before the rally continues again.
Previous analysis:
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