And finally, here we have BITCOIN approaching to the most important Resistance Level of the Chart. The range between 6050 and 6400 USD.
The 50 Day Moving Average in a consistent upwards trend which is nice and positive but....
But what happens with the Total Market Cap? Is it increasing because investors are coming, new FIAT is entering? or...
...is it the pure consequence of the Altcoin "Drainage"?
I'm afraid that the last is the most likely...
Yes, BITCOIN is increasing but most ALTCOINS are in full free-falling mode, and I am not speaking only about our beloved STEEM.
This "positive" trend on BITCOIN is only sustained by the selling of the rest of the market and so, the big players or whales of the game are just waiting the proper moment to hit again the entire market, squeezing again the kidney of the majority of investors...
I would change my mind as soon as the altcoin drainage will stop and the total market cap will surpass the 200 Billion USD. Also, I would like to see the RSI on the daily in a more "centered " situation...
Guys, this is not done yet, we are close to but the risk now is so high that the only think that can help us is to update consequently your "STOP LOSSES" in order to freeze some of the gains of the last weeks...
As a positive view, I would tell you that this is the normal behavior of a market running under "accumulation" phase, timidly ups while sudden drops... what is important is the consolidation of the different previous levels.
I set the end of the wave 4 (in-round) at 5000 USD but even if BTC breaks that level, my Elliot Waves count is valid unless BTC falls lower than 4100 USD so, I am moderately Bullish right now...
Stay safe and enjoy!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
