Doing Technical Analysis of BTC without looking at the ALT coin eco system will always lead to failure. I had a look at most ALTs with good liquidity, all of them are making a cup or rounding bottom formations.
This has huge impact for BTC. People buy BTC for buying ALTS.
Now look at the BTC daily chart, it is making a clean Cup and Handle formation with low volume at the handle side. So I think the ALTs will be correcting a bit in the coming days and BTC will also correct to 7800 or 7900 and it is a good buy opportunity. You can then invest in any ALTs like XRP, XLM, ADA, IOTA etc which all are waiting to moon.
So in the next leg BTC will clear the 50 EMA and which will bring lots of buyers to the market, and the next resistance is around 10000 - 10500, by that time the ALTs will be selling off and you can book your profits on BTC as well.
Wait in the next days to see the sell volume in the ALTs and BTC to enter trade. In fact, if you combine both ALT+BTC method I said above, you could easily gain over 100%.
With Love
TangleBot
This has huge impact for BTC. People buy BTC for buying ALTS.
Now look at the BTC daily chart, it is making a clean Cup and Handle formation with low volume at the handle side. So I think the ALTs will be correcting a bit in the coming days and BTC will also correct to 7800 or 7900 and it is a good buy opportunity. You can then invest in any ALTs like XRP, XLM, ADA, IOTA etc which all are waiting to moon.
So in the next leg BTC will clear the 50 EMA and which will bring lots of buyers to the market, and the next resistance is around 10000 - 10500, by that time the ALTs will be selling off and you can book your profits on BTC as well.
Wait in the next days to see the sell volume in the ALTs and BTC to enter trade. In fact, if you combine both ALT+BTC method I said above, you could easily gain over 100%.
With Love
TangleBot
Comment:
I think the upside target is achieved. Now there will be a sell off to bring BTC to lower levels. The cup and handle is invalid as there is large sell volume in the handle, which suggests that the price could go down.
Trade active:
Target of 10000 reached. From now on trading is a bit tricky.