Bitcoin and crypto basket
Bitcoin has not yet retraced to 7,302. This is still a normal retrace to do so before 8,069. Meanwhile pa has produced a double top formation. If the double top breaks than 7,302 norm retrace will lose some shine.
But I would not count out 7,302. The double top is resistance atm. If the low between the double top breaks pa may break down again. If the double top breaks than 8,167 may be targeted. But it still should retrace once more to 7,548.
Seeing the double top, and the attraction to 7,302. I will lean to 7,302. This scereo breaks the crotch (low) between the double top. That would void 8,167 target. It would also place a target on 6,932.
I'm leaning that way. Then eventually Bitcoin making a new 2018 low. Or at the least placing a double bottom near the current 2018 low.
The crypto market is currently in a sideline consolidation mode. Have patience and faith.
I have waited for 3/4k area since December. I'm not changing that view now.
We have all the time needed for the very good retracement that is needed for new highs.
I'm still on the 3k ish bandwagon.
I hope that alts could drop for another 50% from their current prices, too. I would be very happy.
Something unbelievable has happened last year and it was hard to believe that it is possible. But it did and I enjoyed it. I would love to enjoy this one, too. 😉