We indicated for the last week that the gap at XBT $8610 was the number to watch and we were rewarded with BTC filling that gap with authority and now opening today with a new bullish gap above $9000. As you can clearly see on the updated BTC chart we share — this creates a clear edge to bulls.
This also provides compelling evidence that XBT is back in the game and needs to be watched closely — we’ll be sharing an updated chart in the next 24-48 hours to see what “they” are saying is the highest probability next move.
In the meantime — BTC is again set up where new trades or additions to positions can be entereed safely and trailing stops are the best way to manage trades vs taking profits.
While the altcoin market is moving higher, there are no large coins that are looking as clearly bullish as BTC — we share an updated ETH chart to show the set up that is similar for most of the large altcoin market. It’s also worth noting that our altcoin leaders LTC and BNB pulled back over the last several days and are not at new highs as we post this (like BTC is).
1) BTC is the highest prob trade for now, but if large altcoins breakout they could play catch up very quickly which is likely the start of another strong move higher for the broader crypto market.
2) Pay attention to your trading strategies! The current set up could be a good entry or add opportunity OR if we reverse without seeing higher prices a chance to lock in some profits.