Bitcoin H&S Neckline Broken
Traders,
As stated yesterday, pending Bitcoin price action, I may unload my Alts for profit/break even. All I sold just now (algo, audio, xrp) was barely in the green. But at least is wasn’t a loss. I do not like how the altcoins are responding rn to BTC’s H&S breakdown. As suspected, alts are mirroring the move down and should it carry on, I imagine alts will exaggerate the pullback.
As you know, I have been anticipating Bitcoins pullback here for quite a few weeks. Now we are finally seeing it. So, you might be wondering why I went long on a few of the altcoins a couple of days ago? Well, the answer is quite simple. I didn’t want to be left holding stablecoin if I was wrong and crypto went the other way. I always like to hedge myself against the possibility of being wrong regarding my predictions. We are getting close to Bitcoin beating that overhead resistance and I have never been real sure whether that happens before or after a retest of our neckline, though obviously, I have been banking on a retest prior to the win of our overhead resistance.
Anyways, once BTC finally touches that neckline, I will be back and ready to go long again.
DropsTab is current. Spreadsheet will be up to date in a few minutes.
Best,
Stew
As stated yesterday, pending Bitcoin price action, I may unload my Alts for profit/break even. All I sold just now (algo, audio, xrp) was barely in the green. But at least is wasn’t a loss. I do not like how the altcoins are responding rn to BTC’s H&S breakdown. As suspected, alts are mirroring the move down and should it carry on, I imagine alts will exaggerate the pullback.
As you know, I have been anticipating Bitcoins pullback here for quite a few weeks. Now we are finally seeing it. So, you might be wondering why I went long on a few of the altcoins a couple of days ago? Well, the answer is quite simple. I didn’t want to be left holding stablecoin if I was wrong and crypto went the other way. I always like to hedge myself against the possibility of being wrong regarding my predictions. We are getting close to Bitcoin beating that overhead resistance and I have never been real sure whether that happens before or after a retest of our neckline, though obviously, I have been banking on a retest prior to the win of our overhead resistance.
Anyways, once BTC finally touches that neckline, I will be back and ready to go long again.
DropsTab is current. Spreadsheet will be up to date in a few minutes.
Best,
Stew
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
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