Alan Masters quick Bitcoin Update: Bitcoin is moving down, as expected from my last analysis (which can be seen in the update section below), and it is affecting the whole market, as it is normal.
I've been "preaching" caution, and not celebrating ahead of time. It is better to wait and see; to analyze the charts.
Since news is happening every single minute of every single day, new data is coming around and coming our way, it is better to remain open, and change as the market change.
Based on my experience and how the charts look, Bitcoin still needs another month of downtrend, maybe not as strong as before, plus another few weeks/months of up, in order to stabilize and form a new long term uptrend.
*** BITCOIN PREDICTION (NOT TO BE TRUSTED - BETTER ADAPT TO MARKET AS IT MOVES - GOOD FOR LONG TERM VIEW ONLY) ***
I am looking at late March (21st March+) for a change of sentiment, injecting Bitcoin with a new uptrend which this time around will break and cancel the downtrend started in December and start a new confirmed up run that will last longer than this time around.
These are predictions and I don't enjoy those, I rather analyze the charts but, my long time experience in this market should also be taken advantage of, so, after the above speculation takes place, we will have a long period of consolidation/accumulation and after that we start Bitcoins next run.
We don't need Bitcoin to be really strong to trade the Altcoins market, all we need is either stable or going up and finally stabilizing. Stable is the best for us.
Don't get me wrong, I am not saying that Bitcoin will go to $1,000 or that cryptocurrencies will be over. The price can hover and stay around the $8,000 levels, maybe touch a low point and bounce strong from there, and then level out. But I still believe that Bitcoin will have to go on a period of accumulation before we can break strong resistance levels, remain above them (important) and prepare for a strong move up.
*** WHAT TO DO ABOUT OUR TRADES AND ALTCOINS? ***
Bitcoin is calling for more down. For our recent trades, all risky and subject to market conditions, you can sell and move to USD (I do not recommend touching USDT, ever). You can also sell and move to BTC and hold until market conditions changes, or use your BTC to trade alts while the market is down (some opportunities always come around which can increase your total amount of Bitcoins which you can later withdraw when the price goes high), the price will go back up when the time is right. When the market decides.
Another option is to hold these coins long, but many people have a hard time doing that.
I give you the different options, you make the choice. Everybody can use and uses different strategies, everybody has different goals...
Hello Alan, appreciate your sharing, could you explain a little why you do not recommend to move funds to USDT? Some exchanges do not have the USD pair option but the do have the USDT one like Binance.
Keep doing so well
stilvortalent
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@PrathaArjuna, USDT is not safe
just google a little and you will find enough infos
sumastardon
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"I am looking at late March (21st March+) for a change of sentiment, injecting Bitcoin -0.49% with a new uptrend "
...so what do in the meantime?
For day traders looking to trade points off Bitcoin there are opportunities every day. Smaller, more reliable patterns for big points too
YourFriendFrank
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Is USDT on binance not Safe? Namaste
alan_celbridge
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@CryptoBlake, It's not very transparent. They are refusing audits, and had some issues recently with the bank that carries out transactions for them essentially rendering it useless. These issues have been fixed now, but coupled with the fact that both Tether and Bitfinex were in cahoots around some market manipulation all raises flags. Check out Bittrex's True USD for a stable coin that looks promising: coinmarketcap.com/currencies/true-usd/
YourFriendFrank
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@alan_celbridge, Thank you for sharing. I agree USDT alone wakes suspision. I've had the feeling that Binance is legit and they back USDT with USD but maybe I'm wrong.
Pulsar19
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Always a pleasure to read you.
Thank you Alanmasters !
Keep doing so well