[ Trading ] Bitcoin is still in Consolidation mode, but is Alts ready to move now?

in trading •  4 months ago

Bitcoin had a small bounce from $8080 lows, but are the Bulls ready to run again? I don’t think so. If we can go down to 7800 for more consolidation it will make the next uptrend much stronger.

But what about the Alts? They did not have the same move as Bitcoin and are lagging. Is it time for Alts to shine while BTC is in consolidation?

Ripple looks very interesting and looks like it has bottomed according to Alanmansters on Tradingview. Look at his idea here:

https://www.tradingview.com/chart/XRPUSD/TuvQeV6T-Ripple-XRPUSD-Support-Found-What-s-Next/?utm_source=notification_email&utm_medium=email&utm_campaign=notification_follower_idea_update

Here is Dan from the Chart Guys with his take:

Do you think Ripple is a good trading opportunity now?

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Consolidation mode? Consolidation as in consolidation from the bear market? :P

After price was rejected at $8,500 two days ago, it has since struggled to determine which direction it will head next. There has been lots of speculation for downside and upside potential but neither have yet been confirmed. With the amount of speculation of the bull run activated, a large amount of money has been since invested into Bitcoin, being the most likely reason price has been able to hold fairly steady and reject a sell off or a major push higher.

On the 4hr chart it is obvious of a base that formed at $8,100 where price has previously found support/resistance which allowed price to bounce steadily back to $8,270. This small base and steady bullish movement away from this area could be enough to result in a retest of $8,500.

Screen Shot 2018-07-26 at 5.14.43 pm.png

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This upswing is slow with not a lot of momentum. Bitcoin needs a breather to make a new strong upswing.

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Yes that would be awesome!!

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Very interesting thank you @stevewakeham

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If we go below the 70% rsi and still hold these prices we might move aboe the 61% Fibonacci retracemetn line, then if there is a break out at that point and we stay under the overbought area, then we might go into the so called Bull run, but we need to wait, probably I see a retracement into the 30-50% rsi area before we can move higher again. Just my two bits.

Bitcoin had a very strong and fast move up from $7800. So I am still looking for a pull back before we test $8500 again.

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Bitcoin is still holding strong at 8260 and going up from $8080 previous lows, but the volume is slowing.

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Makes Sense!

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Makes Sense!

thanks @colinbrazendale for such a useful and knowledgeable post. Bitcoin crossed 8500 mark and now trading at 8000 plus usd but as you said this will go even more which can touch 9000 or even more. Now talking about alts, unless bitcoin become stable alts will not grow. Alts will start moving up once bitcoin price stables. ripple is good coin and already so much undervalued. Highest it was traded at 4.5 USD approx and currently trading at .5 usd around. This is the right time to buy ripple and hold till the end of the year and surely you will get good return on that. wish you luck for profit.

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Thanks for your comment!

Excellent post Colin U just received a free upvote and resteem from @steemwhalepowerplease upvote this comment to help everyone who uses this service if you want me to remove this comment reply remove

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Ethereum classic to 50$

In next 1 month

As coinbase announce date in 2 weeks fomo will begin out there

@colinbrazendale, thank you for the useful information in your post and in the videos.

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