18/09/2018/12:00CET
#BTC is the elephant in the room in the crypto complex. Where it leads, the altcoins usually follow.
It is thus no wonder that most analysis effort is spent on bitcoin.
If it looks technically strong, then this already gives a postitivebias to altcoin analysis.
I want to look at the weekly chart with you to ponder what the indicators are showing.
Without going into detailed analysis what I see are the following support and resistance levels, then in pink our long term wedge.
This wedge has been haunting us for a long time now and it is coming to a climax soon. According to the wedge boundaries looks that end of October is a pivotal time for the #crypto complex.
The 21 week ema also seems to have laid itself right on top of the wedge boundary. This adds weight to this indicator.
No matter how I would like it not to be so, seems to me that chart analysis is putting pressure on the crypto world till a pivotal moment in about 6-8 weeks.
Many of us have tried to play the market in this bear time, and as such I think most of us would agree, that overtrading at the moment is most likely to lose you money.
BTFD then HODL seems to be the most logical gameplan at this point.
Conversely, if you have lost faith, then sell on each rally and closeout your positions.
I am not one of these so BTFD+HODL for me.
As always guys, leave comments, have fun and trade safe.