Alt market more Bullish than Bitcoin, Part 3
The bull flag on the left took on a different shape than expected at first, dropping a bit more but then when Bitcoin' decided to make a small bear trap, the market made an even bigger move up than it did down. Breaking that resistance from that flag almost without hesitation. This is usually a big sign!!
Now, as mentioned in my BTC' analysis, it has to stay above that bull flag now, with a little margin with that green zone. Maybe, that thick green trend line can give support again, but i would not gamble on it blindly!!
On the right we have a zoom in. Because i expect nothing real will happen until expiration tomorrow at Bitmex, i think for the bullish version this might be a realistic outcome. Moving inside of a wedge, testing support until it really breaks out of it.
When looking back at the Feb high, we can see that it did not even stay in the red zone, this time it is moving above that flag, stable without any weird moves and actually even above the the main resistance (but not really yet). So my thoughts are, the market is simply waiting for Bitcoin to break that 4050/4100 before everyone has enough confidence to buy even more.
So in general, it looks very promising now, just needs to hold that green support. If we see that happen together with Bitcoin breaking the 4100ish, i think a very big rally can happen the coming period. With big rally, i mean according to the last months, i don't mean any 2017 bull runs.
Previous analysis:
Now, as mentioned in my BTC' analysis, it has to stay above that bull flag now, with a little margin with that green zone. Maybe, that thick green trend line can give support again, but i would not gamble on it blindly!!
On the right we have a zoom in. Because i expect nothing real will happen until expiration tomorrow at Bitmex, i think for the bullish version this might be a realistic outcome. Moving inside of a wedge, testing support until it really breaks out of it.
When looking back at the Feb high, we can see that it did not even stay in the red zone, this time it is moving above that flag, stable without any weird moves and actually even above the the main resistance (but not really yet). So my thoughts are, the market is simply waiting for Bitcoin to break that 4050/4100 before everyone has enough confidence to buy even more.
So in general, it looks very promising now, just needs to hold that green support. If we see that happen together with Bitcoin breaking the 4100ish, i think a very big rally can happen the coming period. With big rally, i mean according to the last months, i don't mean any 2017 bull runs.
Previous analysis:
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