Great Tuesday my fellow human and cryptocurrency trader, how are you feeling today?
The content below was published 19-May... What's your take? Please use the comments section below after reading it...
---------- We've been looking at many of the Altcoins vs Bitcoin (ALTSBTC) pairs and many are set up to explode, meaning, they are about to jump in price.
Here is a scenario that hasn't been considered often lately and that is Bitcoin Sideways.
When Bitcoin goes up, Altcoins drop. When Bitcoin goes down, Altcoins drop.
Remember the bear market?
The best time for the altcoins market happens when Bitcoin is going sideways...
When Bitcoin goes sideways the Altcoins tend to grow.
Here we have an inverse signal, the Altcoins are getting ready to explode, so we can consider Bitcoin sideways for the rest of the month... or not?
[...] ---------- Previous chart from 19-May ----------
The Bitcoin sideways might be coming to an end... The trading volume is going really low... The next move can be really strong.
I think we will see a decent correction, the Miners rolling inventory (MRI) is only now decreasing from 106%+ (6% over supply), being pinned below 10.5k and under 2 year+ trendline won't, in my mind attract new investors to absorb the 900 mined BTC per day. The total crypto trading volume + total market cap are stagnant which shows me no demand. The MRI for BTC in the last week+ dropped to 85.52%. where normally i'd think that were a supply shortage. I believe they're only able to move 85% of their inventory at these prices, which highlights a demand shortage of 15%
perhaps we'll see that deficit collected at 8.4k - which would support your take on further sideways action.
also, Bytree have BTC pegged at 43% above fair value.
ChasingTheMoon
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@ChasingTheMoon, in anycase.. i'm collecting my Alts. the season can't be to far off!!
AlanSantana
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@ChasingTheMoon, And the altcoins are already moving and producing amazing results.
Im still bearish
9800 rejected us again...
Nothing changed yet ...
Thanks about your idea
AlanSantana
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@AminHa4, Agreed. We have a short open but still, prices remain above EMA10, so we need to be careful as crypto likes to surprise, there can be one final squeeze before the real move is printed.
AminHa4
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@alanmasters, yeah thats an old game ..
FxSniper_
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check this out
Igorvbl
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@FxSniper_, great TA, I think the bearish scenario will play out
perhaps we'll see that deficit collected at 8.4k - which would support your take on further sideways action.
also, Bytree have BTC pegged at 43% above fair value.