We have slightly less than 2 hours left in the current 8 hour candle on Kucoin. We are currently testing the resistance line of the wedge. Even if we simply hold the current price as depicted on the screen shot, we’ll close and the next candle will be above the resistance line. This could be a VERY interesting next few hours…
We officially closed the candle above the descending wedge! Let’s see if we can hang on and move up now…or will it be a repeat of July 31 / August 1…
Yeah we get a little bit of a momentum shift in ETN/BTC.
ETN/BTC:
But I think that correlates with BTC Dominance dropping over the last 2 days. It’s not a trend reversal imho. We need to see more volume and ultimately some nice pattern like a double bottom would be good.
BTC Dominance Chart:
Bitcoin and BTC. Dominance keep falling.
Alts get a little air to breathe. Dominance is not in a downtrend yet though.
I fully expect BTC to drop to at least ~9800 and could go as low as 8500 before it gets a big boost toward 16-18k. I do not see BTC dominance going into a down trend until Feb/March of 2021 at the earliest. But, this is crypto and no one really knows…lol
Hi, do you mean etn will lose its value untill that point too?? Better sell and hold btc?
nobody knows…might dump, might pump…
Some would suggest that, but that is for you to decide. I personally am not because a) just about everyone selling now is selling at a loss, which is never advised. And b) as stated above by KarEnTam, you just never know what will happen.
My strategy is accumulation and dollar cost averaging. I know ETN will be successful in the long run. I am not worried about that at all. I am simply buying more and more as BTC dips.
Many alts form something that looks like a setup for a double bottom reversal pattern on the weekly.
That is exactly what I’m looking for to move back into the alts.
What do you think will it play out ? Or will BTC crush alts even more ?
Huge news just came out about the launch of Bakkt bitcoin futures ( phsyically settled ).
This could be explosive.
From their official website:
Considering my last post. I have no idea how alts would react to that.
If BTC price rushes to new all time highs thats probably good for alts mid term. But short term they may get crushed more.
I am expecting an alt bloodbath with a BTC rise…but so far the Bakkt news has fallen flat. There has been a small increase, but most people are of the “I will believe it when I see it” camp when it comes to Bakkt since it has been dangled in front of the market like a carrotfor a long time.
But, I fully expect ETN to stay 40 sats…because that is what it seems like it wants to stay at forever.
If it was guaranteed that etn would stay at 40 sats I’d go allin
I think we may have more room to the downside if BTC starts another sharp rise.
The market psychology…when good news do nothing to price or it drops it is still in a bear market…the phase we are in now can look like the awareness phase…and we all know where that leads “BTC”
BTC Dominance starts to look interesting.
This weekend alts got some love it seems.
Can’t wait to see how next week developes.
I’ve been watching this pattern on the bitcoin dominance for a week now and it seems to break down which would be good for the alts. However I’m not convinced for an alt rallye until we see some stronger red candles and break some lower levels.
But its a first hint that alts may get some momentum.
1H chart.
It’s all pretty much the same.
We keep grinding down and currently testing the low point.
A double bottom here would be the first long(buy) trade opportunity since a long time. But it really doesnt seem like we will get it if BTC keeps crushing.
I personally strongly believe in another alt rallye though. I can’t see people not buying into all these cheap coins when BTC explodes. Also many alts are slowly getting real adoption and are being used.
So these alts could be the opportunity of a lifetime at these prices.
BTC Dominance going sideways mainly.
Haven’t posted in a while. I thought I’d take a quick look at Electroneum today.
It is similar to a lot of other alt coins at the moment. Most are at all time lows with heavy downtrend for sometime. Many with double bottoms from 2018 in sight.
Anyway getting back to Electroneum, we have a decending triangle, getting to the pointy end.
Price is being pressurised in between decending triangle and lower bollinger band and support. We should make a decent breakout either up or down. (similar case with most alts).
If it goes up short term target 60-75sats about 60-90% from where it is. Daily Chart Kucoin
If it goes down, there is no data of where it could go probably 25 at the lowest but just a guess.
i know its not what you asked for but i thought it might be of interest to you. if you like it, please give it a vote. the more people that know the better.
As many of us predicted. We made a new all time low on ETN / BTC.
No one can really say how low we can go and I’d personally wait for clear reversal signs in the alts in general before scaling back in. I still think, based on only the ETN BTC chart it would be breaking 72 sats with volume.
And on a global scale a sharp drop in BTC dominance fueled with massive fomo. (Could happen when BTC reaches new all time highs for example).
I also personally wouldnt sell this low now. If anything I’d add to my longterm position. In terms of short term (long/buy) trades I cant see anything still.