Where We Are?
Bitcoin is potentially forming a short term double top.
This COULD potentially bring everything down. Let us be aware of all possibilities and also have our STOPS in PLACE, a PLAN in PLACE and then EXECUTE!
So let us stay aware of the holes in the bullish thesis. $9500 is a mark it must cross and stay above
If the market is to warm up again we need price above the $9500 level taking out this price action.
Alts are overall looking stronger than BTC at this point in time. If altcoins end up breaking out, BTC could follow this breakout.
Alts I like this week for positions BCH and BNB positions
This is What Price Has Going for it (BULLS)
1) Bullish Flag formation
2) Daily chart on SmartMoney Algo is LONG
3) Accumulation Phase (which is where bullish trends start)
This is What To Look Out For? (BEARS)
1) Price is in a larger holding pattern this is the descending triangle I’ve been discussing the past 6 weeks.
2) SmartMoney algo still signaling trend is below -1 on algo. So we know this is in this next leg BTC makes that we are not out of the hot water yet.
My 2 Alts To Watch and View This Week
MEMBER REQUESTS & DAILY CHART BREAKDOWN
I hope you have a great rest of the week! Any comments questions or chart requests put in the show notes below!
Should you want to email me send me a message at altcointrades1@gmail.com
-Mark