Verge struggling..Bitcoin pump near, Trader explains
The good
Bitcoin is at a very strong support zone that I believe is in the 8000-12000 range.
Although I try not making fundamental price predictions, bitcoin is currently standing around 10000 USD, and since it's in a solid support zone, I believe that bitcoin will soon be pumped, although it can certainly get close to 5000 before moving back up again.
The bad
Verge on the other hand isn't looking very good, it has failed 3 times to to make new highs after it's recent rally that started after John McAfee's promotion, and has since corrected over 50%. I believe the price action on the chart is hinting at a move lower towards the 500 Satoshi support zone.
With this in mind, I think altcoins like Verge are going to struggle & Bitcoin is going to do well in comparison, although this is a secondary rationalization for my predictions, it can still be considered since bitcoin and altcoins sometimes move inversely.
Best of Luck & feel free to upvote & follow!
Great post!
I personally believe BTC will not cross $8K. That support level is one of the strongest I've seen. However, if it does cross, you're right in the sense that we could see a pullback down to $5K. Hopefully publicity will stay out of the way and let BTC do what it wants to organically. I'm sad we've seen Altcoins move alongside of bitcoin this time around, it just makes it much harder for them to recover in the longrun assuming bitcoin grows stronger. I appreciate your analyses!
I appreciate your comment! The way I see the recent struggle in altcoins is quite organic. Verge moved up 1500%+ and so I think it's inevitable for it to drop further. I was bullish on it before but I may have been caught up in some of the hype. I won't be surprised if Verge goes down to 500 SAT.
It's always harder to see the downside of the market. If you're up 1500%, you feel like there's no way it can ever drop back to net 0% profit. In this market, ANYTHING is possible, and you just have to know what to do and when to execute.
Agreed!
Great post. I feel like when btc is down, I can buy more & relax.
Bet like an alligator!