Hi traders, 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 bullish. I'll keep this idea updated as much as possible as phase D is the most critical stage to understand the next potential movement.
@AAlFadhala What I think that is happening right now is that we are observing a lot of pressure from several sides.
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.
@Jbos865, Thanks for sharing your thoughts. When we get a lot of pressure from both sides (bulls and bears), we tend to have an equilibrium force. This force leads to a trading range or in other words a sideways trend. For us to understand which side will win, we should wait for a breakout. Of course, there is a lot of other factors that contribute to a valid breakout, etc.
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!
Abdulla
DollarsAndSense
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Your update is appreciated
abdullatrader
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@DollarsAndSenses, thank you!
jipokg
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we're all gonna make
hi108
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@AAlFadhala To go up or down?
CB58
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BTC seems to be lost. Its stuck in this trading range with minimal buying . Either all the big players have moved on or there is a watch and see culture developed because of so much negative news recently. Is this a head fake ?
abdullatrader
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@CB58, the longer it trades in the range, the better :)
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.