So I'm keeping a close eye on Bitcoin development and where it is heading to. As I always mentioned in my previous ideas, Bitcoin needs to break $9500 for it to turn .
I'll keep this idea updated as much as possible as phase D is the most critical stage to understand the next potential movement.
*Giving out free books to some of my followers on telegram :)
First we have the general bearish downtrend channel since the ATH. We run into the upper end of that channel in roughly 3 days.
Second we have the bottom of that bearish downtrend channel which BTC broke on the 1st Feb (and rejected twice is the most recent uptrend)
Third we have the general uptrend that served the better part of 2017 (we are currently swinging around that trend line in baby swings)
Forth we have the current minor trend channel.
AND what makes it interessting is, that all of them cut each other on 16th of Feb, which happens to be chinese new year.
I believe that the outbreak (in whatever direction) will happen in the next days and when it happens it will be swift.
There is no doubt that Bitcoin is leading the market. However, when I say driving I don't mean if Bitcoin rises 5% then altcoins will rise with the same magnitude. Any strong correction will take all coins down and vice versa. But for now, since Bitcoin is currently very stable, then altcoins like Ripple and Litecoin have taken their path.
Thanks again and have a great day!