Bitcoin (BTC) has broken out, and the target of $22-23k is most likely imminent - however, this may not be the case for tonight, which is very vital for multiple altcoins. For the sake of avoiding repetition, I decided to consolidate this concept into an idea.
Bitcoin, on the 30-minute chart, has an ascending channel, which it seems to be currently respecting. For now, it seems to be heading back downwards, with an ample amount of time to account for at least a day. Quite a few altcoins are in a position of potential breakout, and the time period in which those trend lines will converge and close are in the 12-36 hour time period, which coincides with the current BTC fall. It is my personal opinion that for tonight, BTC will move downwards this channel, causing many altcoins to enjoy one last high before BTC regains market dominance.
Trade with care.
If you like my analysis or I helped you in any way, feel free to send a tip - any support is greatly appreciated!
BTC: 37Y9BfaRS65fAXK3swnW8EWG9NDPeF2wrM
ETH: 0x97F20b3536dB21C07691fD46e021bCDd8e49483e
Bitcoin, on the 30-minute chart, has an ascending channel, which it seems to be currently respecting. For now, it seems to be heading back downwards, with an ample amount of time to account for at least a day. Quite a few altcoins are in a position of potential breakout, and the time period in which those trend lines will converge and close are in the 12-36 hour time period, which coincides with the current BTC fall. It is my personal opinion that for tonight, BTC will move downwards this channel, causing many altcoins to enjoy one last high before BTC regains market dominance.
Trade with care.
If you like my analysis or I helped you in any way, feel free to send a tip - any support is greatly appreciated!
BTC: 37Y9BfaRS65fAXK3swnW8EWG9NDPeF2wrM
ETH: 0x97F20b3536dB21C07691fD46e021bCDd8e49483e
Comment:
Bitcoin seems overbought, according to the RSI; drop may occur anywhere in the next 3 hours or so.