Bullish BTC behavior, lots of opportunities
BTC did not retrace to the bottom of this wedge, it broke out of its descent pattern and in fact has regained its prior long term ascending trend line, this is showing strong support and a probability we will be breaking out of this wedge and possibly sooner than later.
Additionally, a lot of alts were sitting right at their long term ascending trend line and now that BTC doesnt look like it has an imminent drop, there is less fear that these alts will break their long term trend line and instead now look like its the best opportunity to enter as they are at the bottom of their ascending channels.
CoinMarketFlow shows steady bids and strongly rising asks > 10% indicating a lot of traders expect the price to rise by 10% or more across a lot of crypto.
All of this looks like we are about to have a really nice run after basically cutting our last pull back short.
There is still a chance we break down out of this wedge and the market has a pretty significant correction but at the moment things look pretty bullish making it less likely. You should still be vigilant, if BTC falls back down and breaks below the bottom line of this wedge, I would be very wary of any long positions but for now it looks like we should have a pretty good rally.
Any AI plays seems additionally beneficial, Fetch, Ocean and singularity are merging into ASI and Golem has a fairly low marketcap for this sector and after doing decentralized CPU for so long, now have decentralized GPU in beta.
As always, DYOR, this is just one guys perspective that you can add into your pool of research to help you make your own decisions.
Additionally, a lot of alts were sitting right at their long term ascending trend line and now that BTC doesnt look like it has an imminent drop, there is less fear that these alts will break their long term trend line and instead now look like its the best opportunity to enter as they are at the bottom of their ascending channels.
CoinMarketFlow shows steady bids and strongly rising asks > 10% indicating a lot of traders expect the price to rise by 10% or more across a lot of crypto.
All of this looks like we are about to have a really nice run after basically cutting our last pull back short.
There is still a chance we break down out of this wedge and the market has a pretty significant correction but at the moment things look pretty bullish making it less likely. You should still be vigilant, if BTC falls back down and breaks below the bottom line of this wedge, I would be very wary of any long positions but for now it looks like we should have a pretty good rally.
Any AI plays seems additionally beneficial, Fetch, Ocean and singularity are merging into ASI and Golem has a fairly low marketcap for this sector and after doing decentralized CPU for so long, now have decentralized GPU in beta.
As always, DYOR, this is just one guys perspective that you can add into your pool of research to help you make your own decisions.