Whilst we've been waiting for BTC's next upside move, we've seen some incredible gains in alts. Whilst BTC likes to defy TA, I find there are usually a few indicators that provide a useful bases for predictions.
Most importantly, via the Coinbase hourly BTCUSD chart we have confirmation of a break from the ascending triangle.
14 day RSI is moving into the oversold region which is often an indicator of a longer period of bulls taking control, pushing BTC towards a new high. In fact, our RSI pattern is showing similar behaviour to our previous breakout from the $11k-$12k levels.
Fib retracement from the previous breakout to the current high (the spike to $19,700), confirms several key levels of significance, namely the highs and lows in the ascending triangle. Fib also forecasts a target in the region of $24,250 to $25k for this trade.
If BTC retraces from the current level, we are looking to establish support at $18k (the top level of our ascending triangle).
We're on the cusp of a few big moves in several alts, but whilst BTC is poised for upside growth it would be prudent to include a trade here. Further BTC momentum could temporarily see the alts stalling (as occurred in the previous bull run). However, if BTC fails to establish support at $18k, alts may continue to provide a better yield in the coming days.
BLOCKCHAIN TRADERS
Contact me if you're a talented trader and would like to join our slack community.
Most importantly, via the Coinbase hourly BTCUSD chart we have confirmation of a break from the ascending triangle.
14 day RSI is moving into the oversold region which is often an indicator of a longer period of bulls taking control, pushing BTC towards a new high. In fact, our RSI pattern is showing similar behaviour to our previous breakout from the $11k-$12k levels.
Fib retracement from the previous breakout to the current high (the spike to $19,700), confirms several key levels of significance, namely the highs and lows in the ascending triangle. Fib also forecasts a target in the region of $24,250 to $25k for this trade.
If BTC retraces from the current level, we are looking to establish support at $18k (the top level of our ascending triangle).
We're on the cusp of a few big moves in several alts, but whilst BTC is poised for upside growth it would be prudent to include a trade here. Further BTC momentum could temporarily see the alts stalling (as occurred in the previous bull run). However, if BTC fails to establish support at $18k, alts may continue to provide a better yield in the coming days.
BLOCKCHAIN TRADERS
Contact me if you're a talented trader and would like to join our slack community.
Comment:
Here we see Fib providing confirmation of the key levels of significance.
Comment:
We're now breaking the significant $19,800 level and we can expect this run to continue up until the CME futures launch tomorrow (Mon 18th Dec).
See CME's statement on the launch here www.cmegroup.com/med...estolaunchdec18.html
See CME's statement on the launch here www.cmegroup.com/med...estolaunchdec18.html