**Always take in consideration non of this information is financial advice or official announcement from any specific project, I’m no financial advisor, trader or expert, this is just my personal opinion on certain project mention on this article, cryptocurrencies are extreme high risk assets and you must do you own research, never follow what I or other people say on internet**
Past week was very delicate for the price of Bitcoin and also consider the rest of the crypto market because Bitcoin still so big compare to the rest that if it falls it takes everything else with it so I made a series of follow ups to the price of Bitcoin along with other altcoins that I have been following and trading on a daily bases with algos for now Im only using Profit Trailer and Lick Hunter for Bybit and Binance.
I would like to start by comparing my chart from last week and statement about Bitcoin price
Article Tittle: BITCOIN HUNTING NEW ALL TIME HIGH – RETRACE MIGHT NOT BE OVER
Link to last weekend article: https://ecency.com/hive-167922/@cryptoxicate/bitcoin-hunting-new-all-time
Bitcoin 1D Chart (Last weekend)
My chart hasn’t change a bit and if we compare to the rest of the week I would say it has been at least 80% accurate, Bitcoin found support at the $50k level that is very important to keep going up and stay in that bullish trajectory with next leg up to $70k if the move is the same as the last dip on February 2021
After seen such recovery I think Bitcoin is not out of the woods yet, there is some technical analysis way far than what the traditional chart is and that’s the Cross Asset Model S2FX by PlanB @100trillionUSD
This model has been very accurate for the most part and shows how Bitcoin on this cycle can go above $100,000.00 potentially this year and how next cycle would start on 2025 after next halving, take in consideration that there is no certainty on trading and if you are buying and holding just do that and wait because potentially it can go to those levels, if Bitcoin hits $70k on this next push going to $100k shouldn’t be hard, during the previous bull run on 2017 the crypto market was still seen as something scummy and illegal to certain point but now all it has is coverage from mayor news outlets and institutions jumping into crypto, those that didn’t believe are now throwing millions into the market, you have companies like Tesla the most recent giants publicly invest on Bitcoin.
On one of this last twits PlanB also mention how the monthly RSI is not even at 95 when during the last bull run it was up the for three months, this might be similar to what I have been thinking about the market, that we are probably on that last phase of MASSIVE EUPHORIA AND EXPLOSION, usually is not how high it will go but how fast.
Take in consideration that there are to different ways to participate on most markets, either you buy and hold or you trade, none of them are secure since anything can happen and prices can crash, worst case scenario for someone who buy and hold is that price crash and need to wait for it to recover or in the case of a trader lets say trading futures is that you get liquidated if proper risk management is not implemented, my point is that when participating on a market you need to be prepare for both scenarios before they happen, in the case of trading you need to be patient and wait for confirmation, right now the price looks good getting out of negative momentum, news for crypto are not affecting the price that much compare to previous bull market. In the technical department the price bounce from a critical point, is above the 20EMA again, still within that channel that has form since the first dip on January so the next chart formation shouldn’t happen but is something we don’t want to see.
If for some reason cant break out of this descending triangle there might something that we haven’t seen yet and everything that I have believe on how the market is behaving is a lie, right now IMO the price needs to break out of this triangle, that’s step #1 to remain bullish and then go over $58k and start closing above that level, second scenario that would still be bullish or at least ok is get out of the triangle without dropping below $52k to then start some momentum because for now last two dips were V shape recoveries with little sideways movement and some sideways some calm wouldn’t hurt, don’t get me wrong but I’m still bullish I’m just trying to consider and visualize what could happen next if the price behave this way. More than going to the moon in my experience I’m more interested in understanding the price action since I have only been trading for two years with some success, I’m more into the theory of trading as a personal interest.
LOVE IT OR HATE IT
So we got Bitcoin out of the way and now have a plan for both situations depending on what happens or where the price decides to go, now lets get into a few alts that have been performing very well and I would like to talk about a certain alt that I’m invested for about a year, I’m not too happy with it because I exchange 1.3 ETHEREUM for it and if I would have hold that ETH at peak the value could be about $2,600 but nobody sells the absolute top so at least I’m still holding since those coins are locked until April 30, at the current price its about the same if I would have sold the absolute top for ETHEREUM. I’m talking about HEX, I put some money into it last year and have been holding a 1 year stake, to be honest I’m not a fan of the project for all the things that have been said but yet not 100% proven, at the moment of the investment it was $233ish and now the chart looks very bullish with a potential to hit $0.03 if it pulls another 100% gains since break out of $0.013 or in the base case scenario $0.05 from its bottom at $0.006.
Either way right now I’m still on good amount of profits and depending on how the market keeps moving I think by the end of April I could be over $3k in profits if HEX price on ETH remains the same and if ETH doesn’t sht the bed or the entire market falls down that I really doubt at this point, still believe the market has some more fuel and this can turn euphoric anytime.
Its cool to see HIVE going to $1 although its not at the same time the way it has done it because its always better slow growing than just this spikes, to be hones I’m not interested right now on taking profits on HIVE yet, its one of the passive income I try to grow on a daily basis and still holding all the tokens I have purchase since 1 year ago, my target is about 5 to 10 years on this one, probably on the next bull market.
When it comes to what the price has done so far its like a single user or small group is buying on bulk no matter the price, why I say this is because of the wicks and if you look at every big candle the retracement becomes bigger, this last big candle so far with a -35% retracement, I’m really happy about the price but not like this, looking at this chart a retracement to $0.35 is very possible in the upcoming months or this small group of buyers keep overcoming sellers on all levels.
Again I’m just trying to be realistic and not trying to sht on anybody’s party but if you look at the weekly it looks way more ridiculous, anyways I’m extremely happy with the current price looking at all that fake internet money that I can sell right now going up so will wait a few more years to then start taking profits, HIVE is one of my long term investments not only because Its lock down but I think with what it has proven the last year I think the development team has done a great job and its moving forward.
ANKR like other coins were going up like crazy after Coinbase announce it was been added to their Coinbase PRO service, I have been running this puppy all week long going up and down with Lick Hunter but I think going to wait some to put manual long at $0.15 with a take profit at $0.17 at a 20x that’s some sweet profits, its starting to go into negative momentum and it has gone up, keep in mind if this remain this bullish maybe I wont be fill because I’m hoping for it to wick down under the 20EMA and if it doesn’t then its fine.
FIL 1D Chart
I’m posting this one to my brothers running counter trading algos, watch out for FIL this thing seems that it wants to keep going, even on the daily after going up so much it looks like it will rip up this week too, it wouldn’t be strange to see FIL at $200, I’m not jumping into any manual trades on this one because its massively up to put a long technically Ill be late for the party but OMG this coin has been a ripper, ONLY if it goes down to levels like $110 or $100 I would open a long with low leverage but that’s really not me, I don’t have the bank to go with a 5x or 3x and do a lot of money, most of my trades are 20x when manual, but Ill be watching, there is still the potential for it to go down considering the short term descending triangle for Bitcoin if that plays out.
Two other coins I have been watching on the sidelines are Cake and ONE, I think cake haven’t gone up crazy like other alts its only at $16 right now and potentially if it becomes a real competitor to UNISWAP then could go higher, saw lot of ppl complaining it went to $9 after it been listed but that’s just BINANCE.
Market is looking prime for this week as long as Bitcoin can keep moving up, the drop from yesterday of about $1.5k is totally ok since the price just recover from a critical level and now we need to wait if this pattern can be broken, I’m on the bullish side of the market, still think it can go up and the next time it does it will be savage.
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