Hi folks. On the 3hr chart I see a big possibility of a large Head and Shoulders pattern forming. The current fundamentals behind Bitcoin at the moment certainly support such a move. With high fees and slow transaction the market just is simply not going to support a coin with such high fees.
I'm looking for a continued bounce up to 16k give or take $500 and then a roll over to 12k. Some consolidation just above or below the neckline. Then a break of the neckline and the recent lows been taken out.
If this occurs then once again the whole sector will get dragged down again with Bitcoin. But during this next break down I see fundamentally strong coins such as BCH, Dash and Monero halting their decline midway and turning around a moving up.
I think the time of Bitcoin Legacy as the crown prince of Crypto is coming to an end and the movement of money from Bitcoin into alts will continue.
I'm looking for a continued bounce up to 16k give or take $500 and then a roll over to 12k. Some consolidation just above or below the neckline. Then a break of the neckline and the recent lows been taken out.
If this occurs then once again the whole sector will get dragged down again with Bitcoin. But during this next break down I see fundamentally strong coins such as BCH, Dash and Monero halting their decline midway and turning around a moving up.
I think the time of Bitcoin Legacy as the crown prince of Crypto is coming to an end and the movement of money from Bitcoin into alts will continue.