The BIG three, critical support lines

akshshr (25)in #bitcoin • 7 years ago

The big three!

Tell me if you have heard or said this "The market is red and I don't know why, there is no bad news either" yeah, I have been guilty of saying so as well. So that is why the only thing one can do is analyse the market, get smarter...I try

What we are seeing right now in the market was very predictable unfortunately, in the last two posts, I mentioned that if we dont see any volume coming back into the market and dont see resistance break around 12k for BTC we will be testing the same levels we say in late January (Bloodbath jan)™

BTC/USD

Following the Elliot very well, we are seeing the continuing of the bearish tread we saw since the start of this new year. Right now as we sit, I am prepared to bet that we will be testing 8200 level again, support stands as of now is between $7000-8000. So why not short? Well, yes short, if thats your game..but count me out!
I personally am a believer long term and at best swing trade these volatilities. We will be testing the same levels again in the coming week or two.
My guess, YES guess.. is that we are preparing to blast off! During this entire month, most people have been accumulating and having as many bitcoins as they can and so should you.

ETH/USD
Lets talk about the BEAST! I mean, (Bloodbath jan)™ doesn't really apply to ETH, the blast off for ETH was around the $700 level and it only say that for a little while in the past weeks, but ETH has been holding its own for quite some time. The difference between a coin and a platform that launchers other tokens. ETH is pure bullish sentiment, unfortunately there isnt much analysis to do on this chart, the only thing we can see here is a support level and even IF we hit that, that a great buy opportunity and sadly short opportunity. Ethereum will do great today and tomorrow.

LTC/USD

The fan favourite, the golden boy, the silver surfer (Hi-fi if you get that double reference) I try to be unbiased, but just about everything about LTC is bullish and currently undervalued. With the transaction costs as low as $0.0001, essentially free! Łitepay that will allow everyone to pay in LTC WITHOUT the risk of volatility as it is converted to USD at the time of transaction, I would be buying as much as łitecoin as I could. All this doesn't mean we stop analysing what the charts say and nevertheless try to take an unbiased approach to this.
I am seeing support at 165, I wouldn't expect the same low as we saw in Bloodbath jan™ but 170s - 180s is rather predictable. I dont think I am doing anything to it until I see those lows.
The channels are very clear with LTC we are in a bull channel since the dip and will be seeing some sideways action until BTC decides to take off! As much as we have see every now and then LTC decouple with BTC, they do dance in the same way, its the only reason we are seeing LTC in a bull channel and BTC still in a bear channel.