BITCOIN Retracting -- Alt Coins Diving

exxodus (60) in bitcoin • 7 years ago

Quick update here since I just finished my grad school homework (about web servers if anyone cares).

As mentioned earlier today, we saw big overbought conditions, so I'd expect a bull flag over the next day or two. This means a pullback to at least $4,470. This should put us nicely along the trend line and I do expect to see another push up to $4,681 probably by the middle of the week or so.

Basically the whole market besides BTC (and stupid Ripple), are tanking. Bitcoin is definitely acting independently, but I do think there will be an alignment here before too long (but probably in the down direction).

My likely idea and theory why everything else is tanking is because all money is starting to get out of the alt-coins and into BTC for both investment, and to capitalize on the creation of Bitcoin Gold. Just my theory though.

Have a great night everyone!

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7 years ago by exxodus (60)

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deepakagarwal (43) · 7 years ago

Yes, that's exactly what seems to be happening right now. Good time to invest in altcoins

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minnowpond (62) · 7 years ago

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jasonpz (30) · 7 years ago

Cheers man. When you say 'an alignment here before too long', are you saying that you think BTC will join the alt coins and continue the fall?

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exxodus (60) · 7 years ago

Not necessarily although it's possible. I'm just meaning there's typically a correlation and the markets move together (unless there's some special news about an alt-coin and it moves independently for a little).

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