Here's where we SHOULD plan to BUY the BITCOIN dip
I've been railing on for weeks that #Bitcoin
BTCUSD
was going to go back down and retest the 21 EMA on the weekly (around $8900 now). It would be weird for it not to!
Now we look at the Total #Crypto Market Cap
TOTAL
to corroborate our Bitcoin story. It is forming a head and shoulders on the weekly (left graph). We will most likely break downwards from here, especially since the volume is declining along with the momentum (see RSI and MACD). I don't think we'll fall to the 50 weekly MA (orange line), a level we haven't seen since June 2018. The 21 EMA is plausible, we'll fall enough for BTC to hit the 21 EMA on the weekly (at which point I will be loading up on BTC).
After a potential drop, BTC can lead the crypto market cap back up to complete the left shoulder of the possible inverted head and shoulders (posted on the chart on the right) before a nice little rally in Q4.
BTCUSD
was going to go back down and retest the 21 EMA on the weekly (around $8900 now). It would be weird for it not to! Now we look at the Total #Crypto Market Cap
TOTAL
to corroborate our Bitcoin story. It is forming a head and shoulders on the weekly (left graph). We will most likely break downwards from here, especially since the volume is declining along with the momentum (see RSI and MACD). I don't think we'll fall to the 50 weekly MA (orange line), a level we haven't seen since June 2018. The 21 EMA is plausible, we'll fall enough for BTC to hit the 21 EMA on the weekly (at which point I will be loading up on BTC). After a potential drop, BTC can lead the crypto market cap back up to complete the left shoulder of the possible inverted head and shoulders (posted on the chart on the right) before a nice little rally in Q4.
