Wave 3 progressing, part II
Within the larger wave 3, we have completed encircled wave i and are about to complete encircled wave ii.
Looking at the 3-hour chart, there is some more room to the downside, as we are still correcting, but most likely not that much.
Which is confirmed by the stochastics which, on the weekly have turned up and, on the daily, are trying to bottom; again, with some room to spare.
Both the total crypto market and the Huobi-10 index confirm the breakout of the downsloping trend channel.
This looks like a very good time to increase your bitcoin holdings. I am lately writing put options and am tempted to write more here as the long term calls are so expensive to buy. Even if you're on the right side, prices still need to explode for your vanilla option position to become seriously profitable.
In that case, it's probably better to open a leveraged futures position for a longer term perspective. That is to say, when you expect bitcoin prices to rise over 100k$ within the next two years. But that's a subject for another post.
Next to bitcoin, the major altcoins seem to be improving. Some Renko charts below, following their ranking on coinmarketcap.com, of course excluding stable coins, fake crypto and 'I am the real Satoshi' coins. Every crypto bull market has it's own altcoin darlings, but it's very difficult to predict which ones will live up to that expectation for the coming bull market. So far, Chainlink and Cosmos seem to be well positioned.
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