BTC has been growing in predictable patterns, run -> correct -> accumulate and then repeat. The growth and time periods of each of these has become increasingly shorter.
The concerning pattern here is the decrease in accumulation.
price is no longer moving from inflow of new buyers and money. The current price is hanging on by a thread, supported by short buyers and people late to the game..
but as you can see that is not enough for price to continue up. BTC is beginning correction. Altcoins will drop very hard as btc drops.
Now is a time to hold cash and wait for drop to buy alts. Look for btc to drop to major support lines 35,000, 30,000 25, 000, 20,000..
All these would provide short term buying opportunities.
Good luck.
The concerning pattern here is the decrease in accumulation.
price is no longer moving from inflow of new buyers and money. The current price is hanging on by a thread, supported by short buyers and people late to the game..
but as you can see that is not enough for price to continue up. BTC is beginning correction. Altcoins will drop very hard as btc drops.
Now is a time to hold cash and wait for drop to buy alts. Look for btc to drop to major support lines 35,000, 30,000 25, 000, 20,000..
All these would provide short term buying opportunities.
Good luck.
Comment:
BTC trading at resistance around 30500. Were you able to escape? There was a brief correction upwards at 35000 but it was much shorter than I had anticipated.
Now is buy for some alts. GRT, ZTZ, LINK..