So, at the title states, Papa Bitcoin is the strongest looking out of the "Big 3". This does NOT mean it's strong right now. All it means is that the chart looks a LOT better than ETH and LTC. How? Good question -- it's the lows.
From the above graph, you can see how BTC still has two lower lows that it can hold support on. This is completely different from the LTC chart which has now only one new low to support on, and ETH is in a new lower low meaning no support (yes, ETH is by far the worst looking -- it's still my favorite though).
I'll be honest too, I was actually expecting BTC to rally a bit more this last bounce. I had pegged my target at $9,500 for the crypto. Somehow we fell short and peaked at $9,200. This is another bad sign, so hence why I'm also thinking it has more to fall.
We still have over seven hours, but BTC might have a green day. If it holds the current candle pattern, it will be a very ugly looking green day.
If we see a rally on continued decreased volume like we see now, we will consolidate and then fall after convergence and consolidation.
For now, support sits at $7,750 which isn't much room. The low floor below that is $7,300 and then $5,900.
Great post friend ! But do you think ETH or LTC has any chance to pass BTC and become stronger ? keep it up !
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Yeah it's to be expected the dips.
I invest in BTC and have faith in it's long term value but more importantly believe in what it represents - decentralised currency!
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Hi @exxodus
I would like your opinion on a different post that I have read which ties in with #warofthecurrencies.
We all know that the price is being manipulated but the extent is not as forthcoming as one might presume.
I have written posts on this based on the research done on in the past but I have never been able to describe it in as much detail as in one of @lukestokes posts - Did You Know You're Part of a Financial War?
The most interesting part for me in that post is a source article that was written by Super Crypto on the Medium platform - 4th Dimension: Bitcoin-Manipulation-Cartel — Price-Suppression is their Goal which explains the dip and pulls it through to Gold in Silver. This, for me, is by far the best explanation of the current situation because in the real world (one outside the programme) Gold & Silver is the only true money out there.
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