Triangle formed on BTCUSD
After completing the elliott wave, BTCUSD now is retracing. It seems to have started a triangle that may not complete until december 22nd/23rd and we may not learn until then which way the market moves next. So far the retracement is relatively light compared to the gains made thus far in December.
It seems that a lot of traders have chosen to jump into bitcoin cash during this retracement and may jump back into BTC once bullishness returns, bringing with them sufficient liquidity to launch BTC into new territory. Still, BCH has shown to have independent even contrary momentum and may now become a buffer position for BTC downturns. This would be confirmed if it drops as BTC regains momentum. Also several altcoins that previously were slaved to BTC movements such as BITFINEX:YYWUSD seem to have gained independent momentum, it is to be seen if that bullishness persists were BTC to head further down. Cryptomarkets do seem to have found new confidence.
Note: I'm not a professional analysts and this analysis is not intended as advice. Looking forward to comments!
It seems that a lot of traders have chosen to jump into bitcoin cash during this retracement and may jump back into BTC once bullishness returns, bringing with them sufficient liquidity to launch BTC into new territory. Still, BCH has shown to have independent even contrary momentum and may now become a buffer position for BTC downturns. This would be confirmed if it drops as BTC regains momentum. Also several altcoins that previously were slaved to BTC movements such as BITFINEX:YYWUSD seem to have gained independent momentum, it is to be seen if that bullishness persists were BTC to head further down. Cryptomarkets do seem to have found new confidence.
Note: I'm not a professional analysts and this analysis is not intended as advice. Looking forward to comments!
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