Discover more from Stewdamus' Chart Analysis & Trade Alerts
BTC TA and Altcoin Trades Update
#bitcoin #comp #altcoins
Bitcoin is now once again slightly bullishly biased. It has now absorbed the 26,300-26,500 price sufficiently and more accumulation has occurred. Additionally, we can observe a break to the upside of a descending TL and retest. Finally, the RSI is showing bullish divergence.
However, with the threat of a gov’t shutdown looming, all bets are off when it comes to TA and anything can happen. To help mitigate potential future loss, I have moved all my stops up to break even in all of my altcoin trades which are all showing profit. Compound has been the big winner here for me.
One of my followers has noted that a government shutdown netted a 20% loss on Bitcoin in the past. I have not confirmed this yet as I have been traveling all week and have had little time to chart but I will note that if this is true and history repeats itself, then a gov’t shutdown would take us to that long-anticipated CME futures gap to be filled at 20k. I think this is something we should note and pay attention to. Should any of our major supports break, especially 25,200, then we’ll almost certainly drop to 20k again.