Bitcoin H&S Neckline Broken
Traders,
As stated yesterday, pending Bitcoin price action, I may unload my Alts for profit/break even. All I sold just now (algo, audio, xrp) was barely in the green. But at least is wasn’t a loss. I do not like how the altcoins are responding rn to BTC’s H&S breakdown. As suspected, alts are mirroring the move down and should it carry on, I imagine alts will exaggerate the pullback.
As you know, I have been anticipating Bitcoins pullback here for quite a few weeks. Now we are finally seeing it. So, you might be wondering why I went long on a few of the altcoins a couple of days ago? Well, the answer is quite simple. I didn’t want to be left holding stablecoin if I was wrong and crypto went the other way. I always like to hedge myself against the possibility of being wrong regarding my predictions. We are getting close to Bitcoin beating that overhead resistance and I have never been real sure whether that happens before or after a retest of our neckline, though obviously, I have been banking on a retest prior to the win of our overhead resistance.
Anyways, once BTC finally touches that neckline, I will be back and ready to go long again.
DropsTab is current. Spreadsheet will be up to date in a few minutes.
Best,
Stew
As stated yesterday, pending Bitcoin price action, I may unload my Alts for profit/break even. All I sold just now (algo, audio, xrp) was barely in the green. But at least is wasn’t a loss. I do not like how the altcoins are responding rn to BTC’s H&S breakdown. As suspected, alts are mirroring the move down and should it carry on, I imagine alts will exaggerate the pullback.
As you know, I have been anticipating Bitcoins pullback here for quite a few weeks. Now we are finally seeing it. So, you might be wondering why I went long on a few of the altcoins a couple of days ago? Well, the answer is quite simple. I didn’t want to be left holding stablecoin if I was wrong and crypto went the other way. I always like to hedge myself against the possibility of being wrong regarding my predictions. We are getting close to Bitcoin beating that overhead resistance and I have never been real sure whether that happens before or after a retest of our neckline, though obviously, I have been banking on a retest prior to the win of our overhead resistance.
Anyways, once BTC finally touches that neckline, I will be back and ready to go long again.
DropsTab is current. Spreadsheet will be up to date in a few minutes.
Best,
Stew
Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.