BTC 2021 Bull Run repeat? Start of Alt Coin Season!Hello Folks,
Just wanted to do a quick update on a possible plan for BTC over the next few weeks. This is based on a Wyckoff Distribution Schematic we had all the way back in 2020. Ironically when China entered big new into the crypto market in which they are currently doing as of now.
The chart is kind of messy but, I wanted to publish the gist of it. I used the bars pattern tool which we have been following for the past 6-8 weeks. Grabbing price action from the first top we made in 2021 and placing it over the current price action in which it seems to be following nicely. We will likely either follow the Green arrow Path or the White Arrow Path for the long and then you can follow the Short Position tool for the short. This is not yet fully confirmed but, the volume and the manipulation during these times show me that the Schematic is likely going to play out.
It is important to mention that the green line you see is a parabola trend support line that BTC has been holding this whole run. So it is possible that we hold it on this drop if it in fact comes. The second important thing to note is that we have a gap on CME:BTC1! between $77,975 and $80,775 as you can see on the chart below.
In conclusion yes, it is very possible that we have a decent discount coming up. IMO this is truly that, a discount. I do believe some alt coins may run up a ways while BTC has this short term long and if it comes to fruition and BTC then trades sideways for a week or two and we see the CRYPTOCAP:BTC.D start loosing traction from the possible ascending channel it has been jumping in and out of the past few weeks.... also indicating some manipulation. This can be seen on the chart linked below. Lastly, the most important thing to notice is the down sloping resistance trend line on the Bitcoin Dominance chart that looks to be what I would say after my 8 years in crypto and trading daily, the beginning of alt coin season!!! Keep in mind, history doesn't always repeat itself but, it often rhymes!
I hope you enjoyed this update and look forward to all of you who follow our trades to be looking out for all of the Alt coins that have bottomed out and look to be ready to run over the next few weeks that we will be posting! DONT FORGET TO FOLLOW and leave a comment with your opinion or any questions about our trades.
Stay Humble & Profitable my friends,
Savvy!
Here is a link to a publication that will help you understand more about the Wyckoff Distribution Schematic I am referring to in 2021. This trader did a great job on charting it as well as explaining it in his publication. Don't forget to show him some love!
