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TonyCryptano
Feb 24, 2018 3:19 AM

ALTs and Bitcoin monitoring Long

Ethereum / BitcoinBitfinex

Description

In my opinion, Alt Bull depend fully on Ethetium. Though, if bitcoin goes bearish again, then we will see no Alt bull at all. So I will continuously be monitoring both.

On bitcoin, we can observe two chart patterns, Head and Shoulder, and Inverted Wedge.

1. Right shoulder was uncompleted and we can see neckline doesn't hold. The short-term downtrend was stopped by 0.618 Fib.Ext and one of the internal trendlines.
2. Inverted broadening wedge which is bullish formation. I expect the price to reach the highest high of the wedge over the next few days with plenty of fake bounces.

ETH:
A Potential bear flag is forming. On bottoms, volume profile is not fully bullish, so if the price will reach 0.382 Fib, I won't be surprised.

Will monitor both and update later.

Happy trading!

Comment



Broke support. My next target 20dma and 0.5Fib

Comment

Falling wedge
Comments
Basil13
Im watching this very closely too; believe ETH & Alts are going to run adversely to BTC in march, Sideways BTC. whats your opinion on that
TonyCryptano
@Basil13, I'm the break out trader. I do not predict stuff, only tell what has already happened)) Anything can happen and I won't be surprised.
perfecto888
do you feel it is best to shift money into BTC, as i saw via coinmarket cap the fact all alt money is shifting into Btc my self?
TonyCryptano
@perfecto888, Hello! Do you mean, hold bitcoin instead of altcoins?
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