🐝 BTC — EXPECTATIONS
The overall trend is still bullish, but as you might guess — we entered the 1-5 wave correction. The bottom of this correction is $26,100 - $26,500.
During this weekend, we may see some upside movements, but the next week will be started with the gap below the price level.
Our goal is to BUY THE BOTTOM. We placed buy orders in the $26,100 - $26,800 zone. After reaching this zone, we expect the up-trend to continue. All thoughts are on the chart.
🐝 BTC UPDATE
What is important for now is the $26,500 - $27,000 zone. If we lose the $26,500 support level, the bullish trend is over and the price will head back down to $20,000 area.
Breakout of the $27,800 is a good sign for the market and you can consider entering LONG position with the targets above, marked them on the chart.
Overall, the market still doesn't look bullish enough. No volumes, no purchases, no signs of power from the bulls. It might be a trap for bears.. but chances are not too high.
📍TOTAL 2 UPDATE (Altcoin Capitalization)
The level of $613B was broken downwards, but there are two strong descending support levels from where we can see a bounce.
As I said earlier, all the Altcoins that were in profit, now closed in breakeven. Now it is better to wait until the next market’s move.
🐝 BTC UPDATE
The price broke the $28,450 support down, this is a bearish factor.
What is important — the price is dumping not because of huge sales but because of the absense of purchases.
We may see a rollback up to the $29,500 but more likely there will be a rejection from this level. The only real support level for now is $27,100.
The only case where we break the $31,000 resistance upwards is a relatively long consolidation, pressing resistance and only after — breakout. Overall, I'm not bullish right now.
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🦋 ETH/BTC UPDATE (Altcoins Update)
As expected, the price reached the 0.067 level. A bit faster than we expected, but it is not bad. There is a positive reaction on this level, we can see some relief.
We just need at Ethereum to come back above $2000, after it happens the whole market will be safe again.
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🐝 BTC UPDATE
Well, the price has strongly reversed upwards from the $29,200 level. There was a massive resistance at $30,000 level but it was easily broken upwards.
At the moment we can see a big Falling Wedge on Bitcoin that can easily send it above $31,000.
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🔥 #AVAX has started moving as well!
Printed +21% profit, rather good results from a such massive coin. Closed another 1/3 of the trade. Stop loss still in breakeven.
📍#DOT UPDATE
The price broke out of the triangle and takes hold above $6.6 resistance level. After some consolidation above, we are ready to fly upwards.
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📍BTC DOMINANCE UPDATE
The dominance came back above the 47.2% major level, not a good sign for altcoins, however it is too early to draw conclusions.
Chances of making deviation above this level are quite high. At the moment the dominance can form a H&S pattern that will lead to a dump.
All in all, we are still holding alts, will buy more after the confident breakdown of the 47.2%
🐝 BTC UPDATE
Unfortunately, yesterday pump was a trap. The major resistance of $30,500 was not broken upwards, bears were (and still) way too powerful.
We can see a descending channel, overall it is a bullish pattern. Bitcoin is still in a bullish state. However, we may see another leg downwards to $28,450.
All in all, as long as Bitcoin stays above the $28.5k support, the trend is safe.
🦋 ETH/BTC UPDATE (Altcoins Update)
As you can see, after a sharp growth, the price has started a small correction.
Locally, there was an ascending channel that was broken downwards. Currently it is staying at the 0.069 level, but might dump lower to 0.067.
If you are holding altcoins, then you can see some decline in your P&L anytime soon.
However, I’m not selling. Just a healthy correction, opportunity to buy the dip.
❗️Buying some #LINK here
The price broke through the $8 resistance level, this usually led to the pump up to $9.42 level.
Overall, this is a horizontal channel. At the moment chances of breaking out of this patterns are quite high.
Also placing bids on the $8.1 level just in case it will re-test this level.
🐝 BTC UPDATE
The price has dumped to the $29,200 support as we expected in the previous post.
The correction has started, but everything is fine. Altcoins are relatively strong, people are moving funds from Bitcoin to Ethereum, the ETH/BTC chart perfectly shows it.
We are not selling altcoins here, just having stop losses in breakeven. As for Bitcoin, if we lose $29,200, then the next support will be in the $28,200 - $28,400 zone.
We are waiting Bitcoin there.
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🐝 BTC UPDATE
I can't say I'm locally bullish on Bitcoin. More neutral, may be slightly bearish.
The price formed an ascending channel that leads the price to the $31,000 resistance. However, such channels usually breaks downwards.
But, this is not bad.
First of all, weekend correction is quite healthy as it won't affect the market in a bad way. Secondly, more likely we will see an outflow from Bitcoin and inflow to Altcoin Market — Distribution. And lastly, this will leave a gap on CME exchange that will increase chances of growth during the next week.
We are still holding Ethereum, still holding a lot of Altcoins. Any dump right now is the ability to buy, not to sell.
🦋❤️ ETH!
Ethereum is in a beast mode. To outperform Bitcoin all you needed to do is hold #ETH. That's what we said yesterday to do, hope you followed.
What about now.. It is still more profitable to hold Ethereum than Bitcoin, but it's time to start looking at the majors and other altcoins.
Currently hold 60% of the deposit in Ethereum and 30% in altcoins. The rest is in Bitcoin.