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Bitcoin is ready to start! 10-14K soon Estimation of the mid-term perspectives for crypto market. 1. Currently located at the strong resistance level and local sell off already happened. Market corrected for more than 20% and 10% was bought back in the first day. 2. According to the cycles seller still has a chance in current phase to continue correctional move to the south by 20th-24th of May. 3. Open interest barely bounced from the bottom. Not many players want to trade BTC in such conditions. 4. Fear index is situated in the extreme zone of fear even while we had a rally to 10k. From all said above we can conclude that we can continue correctional move, but it will not be deep and will fit to our correctional plan. Mid-term targets for BTC and the whole market are 10-14k for main crypto asset.
CRYPTOCAP:TOTALLong
by T886
5
BTC Hitting Some Intermarket Resistance!Let’s see what happens here, because there are some extremely cool intermarket resistance levels to watch. First we have BTC/TOTAL. Price and ratios are the most important when doing any intermarket analysis. So what are we seeing? Well if we go all the way back to the top of the bull run in December 2017, we also put in a high for the ratio. Now let’s visit the next high which was June 2019. We exceeded these levels in the ratio and BTC/TOTAL came to a new high in August. But BTC was nowhere near its all time highs! Now we are touching this resistance again, and this time again, we are nowhere near the all time highs. We have never broken this resistance so we have to watch what happens carefully. Now what I think this ratio tells us is when BTC is overvalued and when it is undervalued in comparison to the market. Right now, BTC is looking to be in the overvalued range. The other way to look at this is that BTC might break out to new all time highs in comparison to the market. Keep in mind that TOTAL only goes back to 2017 so this ratio is missing a lot of data. Pretty much when the ratio is falling, it is not a good time to be in anything crypto related. Or you want to be on the short side. When it is ranging is when you want to be owning Altcoins. So that is definitely a useful tool that we can use when looking at this. Happy Trading!
BITSTAMP:BTCUSD
by derzzycharts