We are still moving in this channel but it's possible that we have not seen the rest of the downside. I think there is a possibility that IF we break downward and close below the 50 day that we will retest the 100 day moving average, shown in blue. At that point we will see how the price holds at that level and reevaluate.
If we see the price continue bounce off the 50 day, as it has now multiple times, I think we could see some of the alt-coin profits start to stream back into BTC where we reach new highs.
The altcoin surge, and most of these "projects", are pants-on-head ridiculous. Forgive me for saying it, but its straight up gambling. People thinking that its normal to bypass BTC as an investment because the upside isn't 50-100x. A LOT of people are going to get burned by the alts, and much of the smart money is going to flow into Bitcoin as these coins start to dump. Keep close tabs on the prices here, because I think this is a good time to build up a long term position in BTC.
Overall, long BTC, however watch for another leg of this correction.
This kinda triangles wont work for bitcoin and cryptos seriously...
Tdunlap1310
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@ghose12, I used this same triangle to buy thousands of Ripple at less than 25 cents each.
Kumo77
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Agreed. I am still befuddled at how Doge coin has a market cap over a billion USD. Someone is about to lose their 2nd mortgage. There is another thing that is sad, people borrowing money to get into crypto...
Tdunlap1310
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@Kumo77, Funny you mention that. To me, Dogecoin being well over 1B is the biggest, clearest sign that we are indeed in a massive bubble.