Hello all, this is my first public idea on tradingview and I'm very excited :) first of all please aware of that I'm not a TA expert, and just doing some drafts at here for myself. When it comes to this idea; I'm following right shoulder to complete H&S formation on BTC/USD. If it happens and breakdown at the blue circle are, the target should be around 9K USD. Let's follow together...
If Bitcoin comes down to 9k what does this mean for market cap? Will it still hold n1 or will people jump ship to USD and or ETH? Seems like ETH and BTC prices have shown an inverse relation recently? Am I missing something?
muqocan
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@XenoBiologist, Hi, thank you for your comment. As you know total market cap includes BTC and others. Regarding my thoughts, If BTC goes down at the current alt bull season , others will have more slices of cake. I believe the cheap BTC means that more fuel comes for alts. I agreed, most in cases ETH and BTC prices have inverse relation. But it's not a rule and I don't have a strict idea about n1, maybe eth or xrp becomes n1 temporary, maybe BTC can hold its possition forewer , who knows :) We can't predict everything but we must have some strategies for different/possible cases. Lastly, there isn't any place for "impossible things" on Crypto world.
Regards,
Muqo
dereckmezquita
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@muqocan, Good insight. Just I'm worried myself when things are going down BTC has always been my default go to to prevent losses. If it loses it's n1 position I think a lot of people might be hesitant to put into BTC and we might even seen a panic sell or trade to the new n1.
Any suggestions on a damage control strategy in case we do see BTC lose its n1 position! As you said nothing is impossible! Plan for the unexpected!
muqocan
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@XenoBiologist, As a simple suggestion; if breakdown happens at the blue circle area (the price should be lower than 12.7K USD) after forming right shoulder, you should short BTC/USD and long fiat. I'll follow this way.
Regards,
Muqo
rajnet
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It looks good even I also saw a head and shoulder pattern as well can you tell me how have you calculated 9K?