Weeks ago, we indicated BTC appeared to be developing a consolidation pattern. That has proven to be accurate. These patterns go back and forth to shake out bulls and bears with lots of fake outs. They normally last awhile as price tests both support and resistance levels.
Well it?s been awhile and these patterns don?t last forever, so with today?s drop down towards key support at $9500, we share updated charts with details on the charts for BTC, BTC Futures and ETH which identify key key indicators to watch.
We?ll add one note to keep in mind :
Virtually the entire crypto market has moved in sync for the last few weeks with virtually no larger altcoins showing much relative strength or weakness ? we believe that will change and this should create excellent trading or accumulation opportunities as volatility ramps up.
KEY TAKEAWAY
UNTIL WE SEE REAL CHANGES IN ALTCOIN PRICE AND VOLUME MOVES ? BITCOIN RULES THE CRYPTO MARKET AND NEEDS TO BE CONSIDERED CAREFULLY IN ALL TRADES OF ANY COIN
For today, time to watch closely and be ready to react and trade/buy/sell if we break the current pattern.
