Hey guys. This is a BTC update, however it could have an impact on the rest of the market too so keep that in mind. Today is Friday and the LAST 4HR CANDLE before the weekend starts is happening now.
There is a H&S pattern on the charts which could bring BTC back down to test the $58,500 area again. It's not the most perfect H&S pattern however I've seen many others that looked worse play out. It's something to keep an eye on.
If the H&S does play out, I drew three potential paths from the 58k area that I PERSONALLY THINK are likely scenarios.
As time goes on, and people keep expecting BTC to blast to 100K by the end of the year, I THINK we will see more and more evidence of something I've mentioned in other BTC charts happening and IF YOU CATCH ON TO THIS IDEA EARLIER rather than later, it could help you out a lot... What I'm talking about is LENGTHENING MARKET CYCLES and POSSIBLY DIMINISHING RETURNS as well. As time goes on, It takes more and more market cap to increase the price of BTC, therefore, over time it should happen slower and slower. THIS IS NOT A BAD THING in the eyes of INSTITUTIONAL INVESTORS. IN FACT, it likely will be seen as A GOOD THING because it will STABILIZE BTC a lot more that what we've seen in the past which VALIDATES the idea that BTC is a "store of value" like gold.
There's a possibility that BTC drops a little over the weekend from this H&S pattern. IF THAT HAPPENS, I WOULD PERSONALLY SEE THAT AS A GOOD THING as it would create a CME gap that would likely be filled Monday or Tuesday. This could potentially be the start of the big blast everyone is waiting for. We'll see though.
Hope you guys liked this IDEA. I've been a little busy lately but hopefully will be able to make more charts here soon.
*** This is NOT financial advice. This is just an IDEA based off my experience. I always recommend researching and UNDERSTANDING cryptocurrency before you even consider investing/trading.***
There is a H&S pattern on the charts which could bring BTC back down to test the $58,500 area again. It's not the most perfect H&S pattern however I've seen many others that looked worse play out. It's something to keep an eye on.
If the H&S does play out, I drew three potential paths from the 58k area that I PERSONALLY THINK are likely scenarios.
As time goes on, and people keep expecting BTC to blast to 100K by the end of the year, I THINK we will see more and more evidence of something I've mentioned in other BTC charts happening and IF YOU CATCH ON TO THIS IDEA EARLIER rather than later, it could help you out a lot... What I'm talking about is LENGTHENING MARKET CYCLES and POSSIBLY DIMINISHING RETURNS as well. As time goes on, It takes more and more market cap to increase the price of BTC, therefore, over time it should happen slower and slower. THIS IS NOT A BAD THING in the eyes of INSTITUTIONAL INVESTORS. IN FACT, it likely will be seen as A GOOD THING because it will STABILIZE BTC a lot more that what we've seen in the past which VALIDATES the idea that BTC is a "store of value" like gold.
There's a possibility that BTC drops a little over the weekend from this H&S pattern. IF THAT HAPPENS, I WOULD PERSONALLY SEE THAT AS A GOOD THING as it would create a CME gap that would likely be filled Monday or Tuesday. This could potentially be the start of the big blast everyone is waiting for. We'll see though.
Hope you guys liked this IDEA. I've been a little busy lately but hopefully will be able to make more charts here soon.
*** This is NOT financial advice. This is just an IDEA based off my experience. I always recommend researching and UNDERSTANDING cryptocurrency before you even consider investing/trading.***
What I'm starting to think is that BTC will take most of the spotlight again like when this pumping started and the altcoin market was red for days. It's just something to think about!