Short

Bitcoin Likely to Consolidate Down - Alt Coins Run!

Updated

See chart for comments

Note

The Current Channel

It feels like it will sink lower today
and if whales attack tonight.. then for sure
Alert for BTC 32k be ready

Note

These short red lines...

Those are my predicted resistance for drops
they worked perfect this morning
but a 'stop' does not mean full reversal

Note

Just showing you..

how valuable it is to know your R&S prices (stop prices)

here is a classic small bounce at a red line yet AGAIN!

Note

Note: these resistance and support prices are KRAKEN...

Note

Again...

showing downward repeated downward pressure against a resistance

Note

Thinking Price would fall..

I was gearing up to watch what support red line would catch the falling knife.

But I was wrong!

Instead, the BTC support at the red line was solid.
And though it made many attempts to break past....
When the price cannot break past a super strong support...
Yes.. it goes the other way to 'test' the next upper resistance.

In the short term.. We went up.

However, I am still worried about whales tonight.
The price going up just makes the fish look more tasty.

Note

I redid the trend lines

Strange enough, the new peaks and lows form a nice channel once again

Note

BTC 34590

That is the 21 Day SMA
We fall below that... very high probability we are going dive to 33k and 32k

No big whales arrived.. but retail buyers are not defending price very well.

Perhaps institutional investors will jump in,.. but right now it is not looking too good for the bulls.

Note

I watched this rescue

whales saved us in two separate moves
we were dead in the water...

Note

The really awful thing about BTC running up like this

- it's all institution driven
- most of the alt coins are sliding backwards or doing nothing
- strong BTC runs can suck the life out of the entire market

Note

On the positive side

Many of our favorite coins were sliding backward just before the run and this latest leg pulled them up a bit.

However, some alt coins 'deflated' and price is not where it was the last time we were at this BTC level. Such is fault of buyers flakey loyalty when BTC is running hot.

Note

Take Cordano as an example

It was trading smoking hot late last night and the days before. Was edging to run to 0.60

Then we slid down and then we were rescued by the institutional investors just now.

Yet look how the price is so much lower in ADA, in spite of the fact BTC was just restored to a higher level than it was when it corresponded to ADA's higher prices.

Note: ADA high prices are inside the channel that I drew.

TradeClass

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.