About the charts
ALTS are getting drained by these great news and future forks that are coming out to Bitcoin . No one wants to miss them. And this means more people are selling their ALTS to join this BTC rally.
If BTC will continue moving upwards, it means that ALTS are going to test even lower supports. But in other hand if BTC starts falling we might get nice boost on ALTS.
The idea of this chart is to show when to accumulate more ALTS or BTC and open long term trades based on reversal zones.
ALTS have been loyal to the channel, not breaking it either way and it is giving perspective how to trade them.
If the price of ALTS start falling, then we should seek for possible reversal zones. First ones will be MA20 (BB), MA50, MA100 (strongest) and the last one will be the bottom of the channel.
Bitcoin have had an amazing bull run and it might have not ended yet. So I really hope you all have positioned well for these crazy BTC moves. The price is super overbought at the moment and have not seen any major corrections so far. So the question is when we will be seeing any major correction and when to open long term trades? This actually requires patience and when the price starts falling, then we should seek new entry levels and possible reversal around MA20 (BB), MA50 and MA100 (strongest) zones.
The markets are overheating and it's very hard stay away from it but I recommend to be careful with these markets!
Here are my thoughts about BTC and alts. I'd love to hear your thoughts on current Bitcoin VS alts Situation!
Things to remember:
To trade safely I recommend using stop-loss function in case something goes wrong.
It's better to wait than to regret. This is important when you are doing long term investments! Knowledge behind of your trades gives you success, more often!
Always be aware of things, trends and events what's happening around the current crypto you are trading. They may have big impact on the price movement!
Any questions or need help? Feel free to leave comments and feedback!
Update: BTC breached top line of the falling wedge pattern and this is making our alts to drop even further. Target is close to our ATH/resistance line. BTC is super overbought and at these highs you should be careful. Doesn't mean that the price won't make new ATH but extra carefulness is recommended. :) Structure of the current price action of Bitcoin does not look promising.
Update on BTCUSD:
After breaking out from the falling wedge pattern the price is forming already new pattern which is rising wedge. If this formation starts breaking down, lower support levels will be tested and good reversal points are MA100 (orange line), MA50 (blue line, 12,800 level and pattern breakout target which is around 14,000 level.
Here you go and the number that is multiplied represents amount of the coins there is available. :)