BTC failed at making a new wave cycle high (so far) and now the BEARS have the ball with $9500 the trigger for what could be a BIG DROP for BTC and altcoins. This means – PROTECT PROFITS but it also means buying opportunities at lower prices – possibly MUCH lower so caution advised!!
Our last post focused on potential bearish crossing of the key moving average indicator for BTC. We indicated it would add to the bullish case if BTC could hold most or all of its recent gains which would avoid a moving average cross.
As we start a new week, the big question we posed in our last post about XBT futures driving the crypto market has not been clearly answered. That SHOULD change this week and the current pattern set up is worth reviewing.
In our last post patterns called for a big move and that’s what has happened — or should we say that’s exactly what’s happening. We’re in the middle of key price levels for BTC of $8400 and $7250 and there are important signals to watch that will help with trading strategies.
We’re starting the week with another large gap up for BTC (as it blew past $8400 — see prior charts — key price levels matter!) and here’s why how the week ENDS is likely important: