GOD SAVE THE BITCOIN AND THE CRYPTOWORLD
Updated
This is the most important level for bitcoin. Bulls have to defend it or bear will make the winning touch down at the last minute of the super bowl.
Bitcoin went straight to this new LH. A lot of altcoins surprisingly did not follow the king as they did during the other LH. They were trapped in channels or triangles. I tought a lot about this divergence. And I found two opposite solutions.
Reload bitcoin and pump the altcoin later (my favourite and made me bullish again)
Pump bitcoin with a little bit of dollars and sustain the run shifting money from the altcoins and then take a lot of money out of the table. (altcoin = speculation, if there is a shift of money from the altcoin system to bitcoin, then there is really nothing more to speculate and crypto go to the cellar for a long period)
The problem is that we are now at a crossway. Why?
Look Verge/USD Pair:
Verge managed to come out very brilliantly from the wrong side of the triangle. Two major trendline are sustaining the fall.
More down and verge it will be without a decent support till the half of his price. 280millions of market cap - 1/2 of 280 = 1/2 of 280millions (sorry i cannot write this number).
This is money that won't flow into bitcoin, this is money that will disappear in mojitos and caipirinhas somewhere under a palm.
there are probably other example like this. All this money will disappear ... deflating bitcoin too.
IOTA:
It broke down the orange triangle and now is trying to find support on the major trendline supporting all the glorious bull run of the past and the basis of the red triangle. Normally it should speed up but I want to see more convincing up before jumping in. If it break down IOTA has a little bit more of structure than verge and it could find other supports earlier but I would not try to catch it.
There are still signs that this last downtrend is just a trap.
Ripple and EOS are holding these levels like warriors
both don't suffered from the fall of bitcoin in the last days. This means that there is still a shift of money from the bitcoin to altcoin system (bullish sign).
In conclusion:
Further downtrend of bitcoin will put the whole crypto market in a dangerous situation and probably a long/deep bearish situation.
BIO
Bitcoin went straight to this new LH. A lot of altcoins surprisingly did not follow the king as they did during the other LH. They were trapped in channels or triangles. I tought a lot about this divergence. And I found two opposite solutions.
Reload bitcoin and pump the altcoin later (my favourite and made me bullish again)
Pump bitcoin with a little bit of dollars and sustain the run shifting money from the altcoins and then take a lot of money out of the table. (altcoin = speculation, if there is a shift of money from the altcoin system to bitcoin, then there is really nothing more to speculate and crypto go to the cellar for a long period)
The problem is that we are now at a crossway. Why?
Look Verge/USD Pair:
Verge managed to come out very brilliantly from the wrong side of the triangle. Two major trendline are sustaining the fall.
More down and verge it will be without a decent support till the half of his price. 280millions of market cap - 1/2 of 280 = 1/2 of 280millions (sorry i cannot write this number).
This is money that won't flow into bitcoin, this is money that will disappear in mojitos and caipirinhas somewhere under a palm.
there are probably other example like this. All this money will disappear ... deflating bitcoin too.
IOTA:
It broke down the orange triangle and now is trying to find support on the major trendline supporting all the glorious bull run of the past and the basis of the red triangle. Normally it should speed up but I want to see more convincing up before jumping in. If it break down IOTA has a little bit more of structure than verge and it could find other supports earlier but I would not try to catch it.
There are still signs that this last downtrend is just a trap.
Ripple and EOS are holding these levels like warriors
both don't suffered from the fall of bitcoin in the last days. This means that there is still a shift of money from the bitcoin to altcoin system (bullish sign).
In conclusion:
Further downtrend of bitcoin will put the whole crypto market in a dangerous situation and probably a long/deep bearish situation.
BIO
Note
Comment man till the end of the day!
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We will see a some up in the next days. The blue area is the resistence to overcome. Let see how powerful will bitcoin jump up
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If it retace it could form a right shoulder of an i h&s. Target is not the moon . The stronger it goes up , the more are the possibility that support move higher. If it stop at the blue line then I will go short
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Now is time to see at least a dead cat bounce If we are very optimistic we are completing a bc of a beatish gartley
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Tron is at levels were in the past had strong demand. You can also see that the niagara falls are not so far away.
It is needed a reaction before the catastrophe
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Very significative ist this log chart of ethereum/btc
It is back to the trendline with btc. From there there is just strong up or change of direction with beginn of a bear situation against bitcoin.
I really have the impression that we are entering in a another new market phase. We have to see what happens next
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Next resistances Note
4 hourly seems that this level have some buying pressure . All indicators show divergences
Daily the indicators are oversold.
Not ready to break down
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If this resistance (neckline) will be rejected with good probabilities we will assist at big red candle.
If it overcome the resistance we will be slightly bullish again
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Just need volume and it break out
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I m travelling and i have no access to internet. Look how beatiful is NANO with his bullish flag.
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This channel get lower than 5800
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This is my channel.. around 5000 there is my lonely top that have to be retested. This would be the steong support if bitcoin break down. Stop buy is quite logical
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While you are waiting for some downtrend on btc .. vet and nano are hot. I prefere vet for the usd pair but nano is ready to break out an important resistance. Volume is confirming.Note
Nan btc.. downtrend channel resistance is the target.. nice profit if it break out..
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Short squeez enough to get out of the channel, but exactely stopped by the neckline.
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Weekly there is a clear increase in the cmf. Volume make possible nice movements
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ETF approval tomorrow = big green candle, rejection big red candle
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