a lot of bullish signs here. price has broken above all of the down trendlines, including a breakout above the bearish pennant. normally i would be buying the breakout (or the retest), but none of these bullish signals mean anything unless/until BTC breaks out to the upside. anyone who's read any of my recent posts knows that i firmly believe alts follow bitcoin closely in uncertain times like these, so i trade everything based on the BTC chart. that's not to say that ADA won't outperform BTC going forward, but in the immediate future, if BTC goes up, ADA is going up. if BTC goes down, ADA is going down. it's been an extremely effective strategy over the last few weeks, and it's a hell of a lot easier when you just need to worry about a single chart!
longer term, i think there is a lot to be optimistic about, which is why ADA remains one of my larger long term holdings. i'm almost certain i will be holding ADA long after i've sold my last bitcoin.
longer term, i think there is a lot to be optimistic about, which is why ADA remains one of my larger long term holdings. i'm almost certain i will be holding ADA long after i've sold my last bitcoin.
price is clearly moving in the same direction, but what else do you notice? the magnitude of ADA's price swings is substantially greater than BTC's. this is generally true for alts, but we can capitalize on it even more now that we can be fairly certain an altcoin's price will follow BTC's direction. that's the main reason i'm trading alts based on the BTC chart (rather than simply trading BTC). in a lot of ways, it's much easier to trade alts right now than it is during a booming alt season.