Bitcoin April Rally

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Is it time for BTC/USD to cool off?

Back in March Bitcoin showed itself to be pa risk-off trade because of the Coronavirus pandemic. The fear of a lack of liquidity ravaged almost all global markets. Bitcoin was not spared.

The subsequent rally throughout April has done a solid FIB retrace and the retail raid zones on the 4H & 1D charts have provided resistance zones so far.

With halving in less than 2 weeks and a near complete recovery of the sell off this will certainly entice bears to try and push their weight around again soon.

BTCUSD has been moving along with stock markets as the world is trying to calculate what is fair value and what risk is worth taking on. Bitcoin will likely be an analog of the larger marketplace because liquidity is impacted across all markets when greed or fear is at play.

Disclaimer

LITECOIN (LTC/BTC)

LTC/BTC 1W

Litecoin is at a massive market pivot

The SCMR system noted on the chart has now hit 6 out of 6 times. LTC is now in a 6th bull market…or maybe it ended??? Let’s take a look at the most probable options based on history and market models. Why are we even speculating you ask? Because this current rally has echos of the smallest previous rally of the signal noted above.

Bulls

Bull bias is dip buying the current uptrend channel. Their narrative is strong based on the 4 of 5 previous bull markets that produced greater than 150% gains, it fell just short of 50% this time. They’ll likely be buyer until a red candle prints.

A general bullish market bias will likely remain strong even if the market moves like the black line on the far right which creates an obvious range trade.

Bears

Bearish traders see that the small rally after the last halving rolled off and that price sank very low. The orange resistance line and capped by the red hammer is the Bull/Bear price pivot for now. IF the price does follow the last halving dump fractal perfectly then the low should come in December 2020, just in time for the seasonal altcoin cycle. At least the worst case has an upside right?….right??

Disclaimer

SCMR Chart powered by the Analysis Suite found at https://www.spydercrusher.com/

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