NOTE: tl:dr We have some interesting patterns developing for BTC and other key altcoins that are likely to result in the next BIG MOVE in the crypto market (potential targets of $17000 or $3000 BTC catch your attention? ) We thought so….
If that’s not enough — today’s price action for XRP now has us a little paranoid that altcoins won’t keep pace with BTC even if BTC breaks out. Don’t panic but don’t ignore the charts either…
Scroll down to charts below for more
OR here are the details for those interested:
Another day, another altcoin spike. This time ETC shot up and closed above the bearish “higher high’ reversal pattern with higher volume.
Why no “real time update” telling you to pile in? Because we’ve seen this game for days now, first BCH, then XRP and now ETC. Just because they spike up doesn’t mean they’re going to the moon…yet anyhow.
There no reason to chase any trade at this point. If you follow probabilities and scaled in during the drop down to BTC $6000 level, you are comfortably profitable and can afford to wait for better high probability set ups.
Or, perhaps you chose to enter the ST/IT trade for BTC and altcoins we shared a few days back with a fairly tight stop — that trade is still in play and for BTC (still well above $8400 break out level) and many other coins, you are well into profit on that trade as well.
Hopefully you’re taking some profits as we go because it’s clear the games are far from over.
That said, we have some interesting patterns developing for BTC and other key altcoins that are likely to result in the next BIG MOVE in the crypto market (potential target of $17000 BTC catch your attention? We thought so….)
5 CHARTS — CLASSIC “CALM BEFORE THE STORM” PATTERN — Big moves coming but could be WEEKS so assume nothing
NOTE: see notes above several charts for more info we think is worth sharing.
NOTE: while we haven’t had the explosive move that often occurs when moving averages cross, XBT has still seen nice gains. The red flag we’re watching is we are overbought on the daily chart – but as you can see on this 4 hour chart — the current bullback is causing a strong move down on the indicator which COULD create bullish divergence right on time to confirm the multiple bullish patterns on the BTC chart– but be aware that could take days — stay careful and safe in this dangerous market!
See yesterday’s complete analysis of XRPBTC for details of this very important set up .
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