So this chart is giving us a lot of info.
We are at support at the not only weekly ichimoku cloud, this bullrun's trendline but also at the 2.18 fib extension we had from this bullrun (which conversely is the .50 retracement). So there's lot of perceived support. What looks ugly tho is the pennant that formed. Usually when is resolved in a dip, people definitely say bye to higher prices and we start a bear market. I think a short term bear market is healthy tho, it lets the market breathe and recover for such a massive bull run, kinda like what happened with the stellar/btc and xrp/btc pair. The market recovers so it can have a stronger run.
The stochs RSI is reset but that could potentially form bull traps like we have seen in smaller time frames. The bounce from last days look like a bull trap in smaller time frames. If we do break all this support...but it doesn't make sense. If governments are regulating bitcoin and that's all the FUD is about for this last movements, then that should be a good signal, interest is there, demand is there not only from the public but from institutions and governments. Price will have to do what's healthiest for the long term, even tho it looks like a total carnage in the short term, I'm interested to see what alts are going to do because so far this looks like this:
alts are kinda at support in terms of BTC but topped in terms of USD, BTC is topped in USD, so far, if bitcoin corrects it's USD value, alts will correct their USD and BTC value as well. BTC dump USD, alts dump USD and pump their BTC value only after their USD value decreased so there is room for their BTC value to increase. But everyone would love what happened with XRP could happen to all good alts. XRP pumped in BTC value while the USD value was pumping as well.
XRP and XLM are always ahead of the alt markets. Is like a sneak peak of what could happen with alts. If alts dump in BTC, while BTC is loosing USD value...damn, this will be very ugly. So who are you going to believe, shillers, fudders or numbers?
Leave any suggestion or constructive opinion you might have in the comments :)
We are at support at the not only weekly ichimoku cloud, this bullrun's trendline but also at the 2.18 fib extension we had from this bullrun (which conversely is the .50 retracement). So there's lot of perceived support. What looks ugly tho is the pennant that formed. Usually when is resolved in a dip, people definitely say bye to higher prices and we start a bear market. I think a short term bear market is healthy tho, it lets the market breathe and recover for such a massive bull run, kinda like what happened with the stellar/btc and xrp/btc pair. The market recovers so it can have a stronger run.
The stochs RSI is reset but that could potentially form bull traps like we have seen in smaller time frames. The bounce from last days look like a bull trap in smaller time frames. If we do break all this support...but it doesn't make sense. If governments are regulating bitcoin and that's all the FUD is about for this last movements, then that should be a good signal, interest is there, demand is there not only from the public but from institutions and governments. Price will have to do what's healthiest for the long term, even tho it looks like a total carnage in the short term, I'm interested to see what alts are going to do because so far this looks like this:
alts are kinda at support in terms of BTC but topped in terms of USD, BTC is topped in USD, so far, if bitcoin corrects it's USD value, alts will correct their USD and BTC value as well. BTC dump USD, alts dump USD and pump their BTC value only after their USD value decreased so there is room for their BTC value to increase. But everyone would love what happened with XRP could happen to all good alts. XRP pumped in BTC value while the USD value was pumping as well.
XRP and XLM are always ahead of the alt markets. Is like a sneak peak of what could happen with alts. If alts dump in BTC, while BTC is loosing USD value...damn, this will be very ugly. So who are you going to believe, shillers, fudders or numbers?
Leave any suggestion or constructive opinion you might have in the comments :)