Looking at the chart patterns, the BTC seems to be forming its head and shoulders pattern once again. When we look at the hourly chart, BTC is clearly in a downtrend- each time we go near 30k, BTC has sprung back up, however, each time topping out lower.
Further, last week alts seemed to be doing very strong compared to BTC, however, during the past days, alts do not seem to recover as much from the Tuesday drop, as they did the previous times. Now, they seem very fragile and could fall pretty hard.
Personally, I have accumulated more cash at the moment and opened short positions on some altcoins, that went crazy after this week's drop. I am excited about a good correction for the alts, and you should be too, as the projects that you believe in should present great discounts.
Please share your opnion/ strategy in the comments!
Have a nice weekend ;)
Further, last week alts seemed to be doing very strong compared to BTC, however, during the past days, alts do not seem to recover as much from the Tuesday drop, as they did the previous times. Now, they seem very fragile and could fall pretty hard.
Personally, I have accumulated more cash at the moment and opened short positions on some altcoins, that went crazy after this week's drop. I am excited about a good correction for the alts, and you should be too, as the projects that you believe in should present great discounts.
Please share your opnion/ strategy in the comments!
Have a nice weekend ;)
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