GhostBustR

Looking to me like link has broken a daily down trend and may be attempting to establish some support. On the hourly levels it has broken a down trend and appears like it may want to begin building stairs. Looking at bitcoin I believe we have potential to also break a down trend and if so, we could have great momentum to attempt breaking into the previous range. I feel today will show us a lot about short term price action to come.

Just a brief overview of my thoughts on bitcoin and the rest of the market. We are currently sitting around the area that I had suspected may be our weekly low. Where we go from here is still unclear but I wanted to take time for a good overview and share my plans and how to trade it so that I could still be profitable even if we just chop for a while. Also, the potential for a true alt season may really be right around the corner. This is the type of term that has been thrown around so much lately but it has been years since we have had one. Alts have been lagging so I have some suspicion of what may happen next and share the things to look for to confirm this, and how I plan to trade accordingly.

Taking a look at what I believe may be the most undervalued asset in the market as it has broken out of a trend line and is headed towards another test of a monthly level. This level has proven multiple times to be very rewarding. I think this may end up being one of the easiest trades in the market right now.

After all of the ups and downs over the past few days, I zoom out to a higher time frame to get a grasp of what's really happening. With three hours or so left in the day it looks most likely that the formation of a new range is in the works. I'm looking for two options over the next few hours, one being that it gets right back into the previous range and is all just a wick on the weekly chart which caused three days of panic for absolutely no reason. This would probably be hilarious but also the less likely outcome!