Bitcoin hasn't been able to get out of the heavy waters, it is still just heavy for Bitcoin to move up. But the question is this, does Bitcoin wants to move up? What about the Altcoins? Bitcoin is definitely not going up in the past few weeks but it also stopped going down. Lately, Bitcoin's volatility has been reduced to none, but not all is lost. Hey Mr. Masters, but what about the altcoins? The altcoins and Bitcoin are always correlated and in more than one way. Right now we are seeing altcoins doing some really crazy numbers on some of the major cryptocurrency exchanges. With Bitcoin in doubt and a bear market in full on mode, why would altcoins start breaking out all of a sudden this much? This bullishness with the altcoins can be a signal that we are about to change trend or at least a very strong corrective wave up is coming... Whichever one it is, it is already happening... Let's take a look: ETHOS (BQXBTC). Does 200%+ Gains in a matter of days. The breakout was so strong that it took out EMA100 and reached all the way to EMA200. BQXBTC also printed the highest volume bar ever. Dozens of times higher than January's bull run volume. Chart: https://www.tradingview.com/x/tY4Ycu93/ Then we have PAYBTC, WABIBTC, STEEMBTC and UPBTC generating huge gains as well in a very short period of time, just to name a few. The volume for these is also pretty high compared to average and earlier bullish action. High volume on a weekend? Super high volume on a weekend... Think about it. The last time we had this type of bullish signals coming from the altcoins, we had almost two months of green action... To me this looks just like a warm-up, things will become really crazy (positive) later this year. But it is good to see bullish action for the smaller alts with good momentum for a change, hopefully Bitcoin will follow. You think the altcoins bullishness is a sign that market sentiment is changing? You think Bitcoin is done going down or it needs some more? Please share your comments in the comments section below. Namaste.
It sure looks like we are running right smack into a volatility squeeze! So, let's have a quick look! The dotted Primary Trendline has held since December 15, 2018. We have 3 data point's on the overhead green line we are squeezing against. You can see the two green downward green trendlines indicating a Bearish longer-term trend. You can see a pennant formed with the pole in the upward rectangle: Bullish if we can hit bounce off the lower green trendline. The price balloons are suggested support and resistance: R1 - $3830.xx R2 - $3937.xx R3- $4091.xx S1 - $3493.xx S2 - 3429.xx Set Alert Anything below S2 - indicates a breakdown of BTC, where we lay back and wait for price action to stabilize. This short-term triangle appears Bearish to me and the bottom could just fall right out at the dotted trendline. I would not be interested in gambling on this set up because BTC could run in either direction with some volume, but if I had to choose: I am Bearish and hoping to buy near the lower green trendline. Set your alerts and refer to this chart as needed. The trendlines play key roles in support and resistance! It does appear we are a few candles from something happening! Best, Biff