Good evening (morning/afternoon) depending on which side of the waters you live. As the small following probably knows I only turn up when necessary and when the market decides to KABOOM like we saw yesterday its always worth updating people. Many of you know from my previous XRP call dating from May has pretty much been accomplished precisely. A lot of private messages with people losing their calm with short bursts up....remember PATIENCE AS I ALWAYS ADVICE YOU.
So where does BTC stand here, now forget the day trade elements that people try to catch every few hours. This post is , like previous views on XRP, a big picture on how this market looks. Hence the timeframe for these predictions are over a longer period of time , not 5 minutes or 1 hours.
As you can see with the brown lines...theres 2 views and the fact that no one in the market apart from those that control know which scenario is going to play out is killing us.
1. Huge triangle formation with now an 8 month bear market causing several wicks and candles down to the 6k region which seems to have formed a pretty solid floor. Will this floor break is the million dollar question.
2. A huge descending which could slam down soon and cause this bear market to run for a pretty long time, possibly extending to the next year. This would be booooring for alts.
Now a lot of people asking about alts, in particular i look at XRP as it was my best profit last year. XRP hit the 0.24 region i precisely updated last time,but now these alts if we hit scenario 1 could have ALREADY SEEN BOTTOM. As you know weve rallied decently in many alts since 6.3k- 7.4k in BTC . So now this downfall hasnt hit many of them back to their lowest lows yet . If BTC decides 6k is its floor and we bounce from this region then we should break out of this long term triangle and embark on an upward journey.
HOWEVER if the 6k floor breaks then this descending could take us to lows of 3k which would be devastating. SO HOW DO YOU DEAL WITH ALTS NOW? well personally ive tried to find a strategy that i wouldnt mind, with some risk but not high...and as ive responded to many people who asked this question. DCA as advised plenty of times before, started using small % of your capital as greed will REK you. If BTC extends into a dark bear market down the then you can buy with most your capital a lot lower but in case we bounce at 6k at least youve secured some positions and the ability to starting buying in as we move. Remember if XRP is at 0.29, another 0.1 cents drop? but at $3 would you have really minded them small margins? Not really. Youll still have capital and if it drags in to a year bear market then you have 6 months to accept more fiat. Thats my 2 pence on this situation.
This post is to provide you a picture on what scenarios could plan out, use it but dont follow blindly, this is not financial advice and not intended to influence you 100%, use your own thoughts, own analysis and trade with risk management... Because its a 50/50, the bull run can start at anytime youve just got to be prepared.
Finally a big shoutout to JEEKIS who's set up a great community for many amatuers to learn and has provided some great insight for everyone part of his project.
As always leave a thumbs up, trade wisely and stay safe folks. PEACE.