This rally has been weak and protracted. Usually this means the retracement will be deep and rapid. The alt season rallies have extended the BTC relief rally but don't be fooled.
Side note: Alts are almost always the way to trade BTC unless you're trading north of $200k and even then you can diversify into more alts for more risk exposure off the BTCUSD lows. Pick anything you like in terms of fundamentals in the coinmarketcap top 100 and you should outperform BTCUSD consistently.
Side note: Alts are almost always the way to trade BTC unless you're trading north of $200k and even then you can diversify into more alts for more risk exposure off the BTCUSD lows. Pick anything you like in terms of fundamentals in the coinmarketcap top 100 and you should outperform BTCUSD consistently.
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As traders leave alts they buy BTC and I think we're seeing a rush to the exits here.
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Alts have crashed and are approaching buy zones quickly but we should have more downside opportunity as the chop/continuation begins in BTCUSD.
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Here is where the chop begins in BTCUSD. I'm plotting inverse volatility in the indicator window so when that green line is low we can expect small moves/chop for half a day as the indicator suggests volatility has peaked. So if you're a range trader this would be your time to setup buy and sell zones in the range (favoring a downward consolidation).
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This retrace could touch 9400. It's worth a scalp on your preferred alt coin that is breaking consolidation as we speak.
I'm going to buy a partial on QTUMUSDT only because I can get out with one click because I have a job so I don't get to watch charts all day.
I'm going to buy a partial on QTUMUSDT only because I can get out with one click because I have a job so I don't get to watch charts all day.
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Missing these forecasts means something. We have fewer or weaker buyers than the market needs to maintain a balanced structure which accelerates down moves until we find good support at 7900 or 7000.
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Alts predicted this reversal and now they're accelerating the move.