As I wrote before, everything seems to indicate a 3-3-5 Flat Correction and I don’t like the “shape” of this chart at all… even more when I see a very ugly H&S pattern in formation right now…
Volume keeps falling and the 11300 USD resistance is acting strongly as so, there is a lot of selling pressure at that level.
I am keeping the 9400 USD support as a good one historically but the H&S pattern is pointing 8800 USD as a target if BITCOIN falls below 11000 USD right now…both levels should be good enough for BITCOIN to rebound and reach new highs.
Regarding the expected “altcoin Season”
The total 24-hours trading Volume is currently at 60 Billion, 20 Billion ascribed to Tether and 20 Billions to Bitcoin, the rest is divided among the others top 100 altcoins….
This proportion of 33% for Tether and 33% to Bitcoin is almost constant…what means is that there is no altcoin season for the moment but only BITCOIN and USDT accumulation.
The future scenario of the whole market is now on play.
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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