The cryptocurrency markets are currently experiencing an incredibly predictable rally. Last night I recommended a position in Bitcoin, but the entire market is experiencing a beautiful uptrend. I would be a strong buyer into any sideways consolidation of any coin. Until the markets stop making a pattern of higher highs and higher lows, there is easy money to be made.
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Bitcoin continues to consolidate sideways as predicted. Although it briefly fell below minor support of $4,100, it held the previous high of just over $4,000! Bitcoin then proceeded to rally back and continue the sideways consolidation. I'd expect bitcoin to to continue trending higher for the next few days! :)
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Ethereum has continued to stay in a beautiful uptrend. I'd expect prices to pull back over the next day or so, retest the lower support, and then continue to rally. I'd buy into Ethereum if/when prices bounce off of the lower trend line.
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Expected price action for Ethereum^
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Other coins like Dash have broken out of their uptrends! This is an extremely positive development for the market and the rally. Next resistance levels for dash are the psychological $100 level and $105. Given the huge breakout in Dash, I could see it pulling back and consolidating before it tests those next resistance levels. Nonetheless, Dash remains in a bull market! :)
It's always best to take advantage of the predictable patterns in the market when they arise, and we are currently in an extremely predictable uptrend! I'd recommend continuing to add to positions on sideways consolidation and take profits when coins breakout!
Thanks for reading and happy trading :)