Alts on the Verge of Price Collapse
I was debating on posting this:
There really isn't much to say, however, the when in regards to the total for alt coins, bitcoin went parabolic on the same trendline as the one presented by the total for the alts. On the daily there is a close and open of a daily candle stick below the green line which is a trendline corresponding to bitcoin's long term trendline. Alts do not have anywhere to go, the best we can hope for here is something like a double bottom and the creation of a new long term trendline. A weekly candle which opens and closes beyond this trendline will confirm this for me, but by then, for this to occur, there will already have been huge price drops.
The best we can hope for:
In this case, the best we can hope for is that this is a false break, otherwise the next best thing we can hope for would be a double bottom which is represented violet line against the horizontal support created by the previous bottom.
Otherwise alts have little historical support to work from.
There really isn't much to say, however, the when in regards to the total for alt coins, bitcoin went parabolic on the same trendline as the one presented by the total for the alts. On the daily there is a close and open of a daily candle stick below the green line which is a trendline corresponding to bitcoin's long term trendline. Alts do not have anywhere to go, the best we can hope for here is something like a double bottom and the creation of a new long term trendline. A weekly candle which opens and closes beyond this trendline will confirm this for me, but by then, for this to occur, there will already have been huge price drops.
The best we can hope for:
In this case, the best we can hope for is that this is a false break, otherwise the next best thing we can hope for would be a double bottom which is represented violet line against the horizontal support created by the previous bottom.
Otherwise alts have little historical support to work from.
评论:
I am sorry I didn't realize the whole chart could not be seen, so here is a full image of the trendline.
