$BTC on the swing but creeping slowly up
Since I get alot of questions about BTC and the impact on all the other alts when going up, I decided to post my chart on BTCUSD.
I trade and invest in Alts only, actually I don't own BTC, my store of value is Ethereum, but it's clear that everything BTC does has a strong impact on the day trading aspect of all altcoins.
So, looking at the 1 day chart and mind you this is the big picture of BTC, it's not the minute movements of up and downs,but the overall BTC trend.
BTC price corrected from the huge hype that took it to almost 20K USD last year, the correction was quite heavy, but I guess also expected and normal.
The last weeks, after hitting a low at 11K, BTC started to show upwards movement, establishing higher highs.
We do it seems have a good resistance level at 16K, the buyers trying to break this for the second time.
If it succeeds, we can see BTC moving in a new channel between 16K and 19K, with the new target having the old ATH as the resistance.
I dont believe we will see too soon BTC at 20K, I see BTC swinging in the current channel for a while.
but I know how much hype we have around this, so sooner or later 20K will be broken.
Next target after that is 25.000 USD.
in the meantime, people kee asking me if they should sell their Altcoins when the BTC goes up, and rebuy them when BTC goes down.
Guys, this is a losing strategy. It's veryl likely you will lose a lot of money like this.
don't try to time the market, you don't know when the up or down movement will stop.
Of course it hurts to see your alts dropping 20% in price because BTC went up a few percent. But the next day they will be up again!
This happened countless times last year, I saw my porfolio swinging from -30% to +30% in a 24 hours window.
After a while, it doesn't matter, normal day at the office.
Keep your alts. Drink tea! Enjoy your life!
Thanks a lot for your kind words and comments I receive on my Twitter account, and very happy for your likes, follows and comments on Tradingview.
I trade and invest in Alts only, actually I don't own BTC, my store of value is Ethereum, but it's clear that everything BTC does has a strong impact on the day trading aspect of all altcoins.
So, looking at the 1 day chart and mind you this is the big picture of BTC, it's not the minute movements of up and downs,but the overall BTC trend.
BTC price corrected from the huge hype that took it to almost 20K USD last year, the correction was quite heavy, but I guess also expected and normal.
The last weeks, after hitting a low at 11K, BTC started to show upwards movement, establishing higher highs.
We do it seems have a good resistance level at 16K, the buyers trying to break this for the second time.
If it succeeds, we can see BTC moving in a new channel between 16K and 19K, with the new target having the old ATH as the resistance.
I dont believe we will see too soon BTC at 20K, I see BTC swinging in the current channel for a while.
but I know how much hype we have around this, so sooner or later 20K will be broken.
Next target after that is 25.000 USD.
in the meantime, people kee asking me if they should sell their Altcoins when the BTC goes up, and rebuy them when BTC goes down.
Guys, this is a losing strategy. It's veryl likely you will lose a lot of money like this.
don't try to time the market, you don't know when the up or down movement will stop.
Of course it hurts to see your alts dropping 20% in price because BTC went up a few percent. But the next day they will be up again!
This happened countless times last year, I saw my porfolio swinging from -30% to +30% in a 24 hours window.
After a while, it doesn't matter, normal day at the office.
Keep your alts. Drink tea! Enjoy your life!
Thanks a lot for your kind words and comments I receive on my Twitter account, and very happy for your likes, follows and comments on Tradingview.
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