BTC swipe spot stops and trap shorts

14 พ.ค. 2021

Pretty obvious h&s here on weekly chart.

I don't think this is the top because of the cycle theory and the fact that as long as BTC holds 38-40k we're still in bull trend.
A drop down to 38k-42k will just make a hidden bullish divergence on weekly, and from there go straight toward 70ks

Alts have been exploding recently and the Bitcoin dominance chart is at the support. I find this to be similar to May 2017 where BTC dominance found support and dominance increased by 26%.
Just taking 20% from the alt market of $1.33 trillion would be $266 billion. Add the $266 billion to BTC's market cap and divide the total by the number of coins in circulation you get the value of around 70k
I think the best play here is to buy BTC if it drops to 38-40k, maybe buy some alts if they are showing strength vs BTC. Then as BTC gets to around 70k, I think it would be good to move into alts.

Tldr: I think btc drops to 38k-42K, traps shorts, clears stop losses, and then reverses hard and makes a move toward 70k. Take it easy, buy some BTC and wait. Then convert into alts when BTC reaches 70k.

Let me know what you think,
Thanks

20 พ.ค. 2021

บันทึก

Went a lot deeper than 38k but that showed as an even better buying opportunity. Now we wait for weekly close.