The 10,500 target

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Bitcoin has successfully smashed through the 10 K target as this target has been achieved slowly rather than at a fast speed.

From my current view, there is a lower likelihood that we would have another bart pattern. All alt coins are going for some sort of retracement at the moment. They would be back.

Since Bitcoin and Ethereum goes ballistic. So I guess it is profit taking for other alts that have pumped hard for the last couple of weeks. However, it is going to come back once the bottom for the other altcoins that aren't Bitcoin and Ethereum. I don't think Ethereum is an altcoin from my view. It is basically a different giant as compared to Bitcoin.

Currently, it is the King and Queen's turn
Bitcoin and Ethereum

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Img src: Tradingview.com

It looks like it may be forming the cup and handle pattern or could be a parabolic rally. The confirmation is at 10.5 K and if its breached through, we have a super powerful rally. It has lifted off too fast. I still remember articles being written about Bitcoin's year end target at 28 K.

There is a lot of catalyst for the current rally to full take off.

  1. US stimulus - USD 1200
    https://www.forbes.com/sites/jimwang/2020/07/23/confirmed-second-stimulus-check-of-1200-per-american-earning-up-to-75000/#29edcd3a2fc4

If this proposal comes true, it is going to be big.

  1. Bitcoin hasn't really technically rallied at a super sonic speed yet

  2. Testnet for Ethereum 2.0
    https://cointelegraph.com/news/ethereum-20-final-testnet-set-to-launch-on-august-4

  3. Launch of Ethereum 2.0 in November 2020 - Ethereum could double the price of its price before the last day of its official launch.

  4. Shelly - Cardano
    https://www.coindesk.com/cardano-at-one-year-high-on-shelley-upgrade

  5. China's super speed recovery of their markets - The Shanghai composite could go Parabolic.

  6. Gold - highest top seen and could reach 2k this year end. Gold is a safe haven. Something is definitely cooking.

I usually spend tons of hours reading the different types of articles and watching loads of news related to Crypto. Currently the market sentiment is bullish. When everyone starts to be bullish, it's could probably have everyone running in with their cash

FOMO - Fear of missing out

Hope you get something out of this
@luueetang



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