BITCOIN HUNTING NEW ALL TIME HIGH - RETRACE MIGHT NOT BE OVER
Always take in consideration non of this information is financial advice or official announcement from any specific project, I’m no financial advisor, trader or expert, this is just my personal opinion on certain project mention on this article, cryptocurrencies are extreme high risk assets and you must do you own research, never follow what I or other people say on internet
BITCOIN HUNTING NEW ALL TIME HIGH – RETRACE MIGHT NOT BE OVER
For many of us the bull run is not over yet, March was awesome regrading altcoins we saw the NFT mania kick in full throttle, also theres seems to be a lot of interest from big investors now showing some more love to altcoins as Greyscale added LINK, BAT, MANA, FIL and LPT trusts, right after that announcement we saw how all this tokens went up in price
LINK – 8%
BAT – 12%
MANA – 21%
FIL – 6%
LPT – 106%
This was just after the day of the announcement, and this positions have not retrace yet and probably is safe to say that anyone that has been on this space for more than two years had some BAT either from rewards, referrals, some dapp that gave out BAT rewards or site like Publish0x.
Now let’s get into business, BITCOIN
Bitcoin Daily Chart
Bitcoin is still the dominant crypto currency and will remain as such until probably some other coin with Ethereum potential without all the things that doesnt allow it to grow, example its slow, its expensive and indrectly its constantly involve to exploits and hacks, I know the last part is not ETH fault but it is what it is, we can agree that Bitcoin hasnt deal with those issues because its only purpose is as a transaction token although ppl dont use so not much to say about, eventually a project that can solve ETH problems may surpass Bitcoin one day.
This daily chart has given me an idea of where is the market going since January when we saw the first real drop in price, before that it was all hype and Bitcoin was going straight up without taking a break, reaching a new higher low of $28,800ish with its all time high at the moment January 8, 2021 of $42,000. The percentage of that drop was very substantial considering the status of bull market, close to 30% in total thats about -$13,200 from the top and many thought it was over that the bull market was done but I think this was all new blood who have never experience a full Crypto bull market, this is only my second one still not yet my full bear/bull cycle and Im no expert at all this is just my opinion based on past experience.
At the moment of that peak for me it was very possible Bitcoin drop to the $30k range for similar situations as in the past
– RSI at 89 on the daily,
– MACD histogram turning into negative momentum
– MACD bearish cross
After the first drop to $29k and bounce back but then confirm the cealing of the fallwing wedge that show that it was more likely for BTC to keep dropping before going back up and this was the start of the rising channel that the price has respecting since then, my theory is that as long as Bitcoin doesnt loose that rising channel it wont turn into bear market, right now is trying to stay at the top but its behaviour right now is very similar but not as bearish to what we saw on january after that ATH, MACD bearish cross, negative momentum histogram, although RSI is not even close to 65 and its still on top of the Daily 20 EMA.
This is still crypto, past week was very slow for the exception of the alts I mention at the top, I believe that if we see another slow or something comes up that can be short term bearish as long as Bitcoin remains in the same blue channel we can see it go back to the $52k – $50k as the bullish scenario, worst case it CAN NOT loose $45k since that would put it out of that channel and turn things around, at that point if $45k is reach again then things might turn a bearish, if it remains within that blue channel and on top of $50k then $65k to $70 would be my personal next target, although Im not worry but Im still playing with caution because since the last drop from $58k to $45k the price has only gone up 6% when after the previous drop to that one price did a +38% so its very possible that there still more fuel on the tank and this is another reason I remain bullish for the next months to come at least until july and anything from $70k to $100k are not crazy targets.
Ethereum Daily USDT Chart
Either you love it or hate it cant denied ETH is and remains as the second strong cryptocurrency and father of most altcoins, not much has been happening on the chart of ETH, currently it is not outperforming Bitcoin there for the price action against Bitcoin kill the USDT chart, it is about to loose that bullish trajectory forming some kind of wedge so for the USDT chart to keep on that same channel we would need Bitcoin to go up in price this week although as I mention its unlikely to happen, as a fact at the moment of this post Bitcoin daily candle close a few min ago and it keeps dropping a bit.
Ethereum/BITCOIN
This chart looks very neutral, I guess many of us who are holding Ethereum feel trap and sometimes depending on the amount you want to move from one place to another its not worth it because of the current gas fees so I guess not many ppl are moving around their ETH there for its lock down and probably why its Bitcoin price is not moving that much, just a theory, again Im no trader or crypto expert. In the short term I think we might see Ethereum drop some more because of market sentiment and EIP-1559, lot of ppl are not happy about this, yes most miners but there is also this argument that when this kicks in a lot of the hashrate will move out unless the price is not higher, although if Im not mistaken this starts on July so there still a few months to keep mining, I only have one old GTX 1070 rig that is still very profitable who knows what will happen when this hard fork take place.
Other altcoins I have been following and trading like THETA and CELSIUSNETWORK, THETA had a massive run but basically this past two weeks anything NFT related has moon and thats just crypto and CELSIUSNETWORK is just doing its thing, locking up coins, buying back to pay interets to holders, its a business model that already exist in the real world, last time I bought was at $2.33 and still holding part of that stack I added, sold some at $4.87 to take some profits and the rest will let it ride since I do see a lot of potential on this coin and more once ETH fees somehow go down.
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