As with most of my new ideas, I'm now trying to use not the BTC or USD pairing, and not even the ETH pairing (though admittedly its fairly close to the ETH pairing) but rather the total alt coin marketcap. This is a new charting strategy I'm trying because for the past 5 years of me staring at these charts, it's become obvious that soooo many big moves are really just motivated by BTC and ETH dumping or pumping. And so to try and filter that out, I think charting against the average paints a better picture of how these alt coins are actually moving ON THEIR OWN. Now I can't technically use an average, and unfortunately, I can't filter our Stable coins easily, but I think that using TOTAL2 is a pretty decent approximation of what I'm after. And considering I'm only looking long term with this method, I think it should be fine.
IF we can get above the falling trendline shown in red, I think we can expect some massive movement. The RSI looks quite interesting, but as I like to note, I'm not sure how much the RSI should be factored in when charting in this new method. I have entered a long against the USD pairing with a similar stop/target to the one shown here. However, my stop is quite tight as I don't like that we've been below the lower pink/red trendline for weeks now... However, the recent pump and then "dump" makes me bullish, as the "dump" can partly be contributed to ETH absolutely exploding over the past week, as ETH is by far the most heavily weighted coin in TOTAL2. When charting against the USD pair, Algo is still doing quite nicely. This makes me think it's about to start doing MUCH MUCH better, as it catches up to the rest of the alt market. As always, only time will tell.
IF we can get above the falling trendline shown in red, I think we can expect some massive movement. The RSI looks quite interesting, but as I like to note, I'm not sure how much the RSI should be factored in when charting in this new method. I have entered a long against the USD pairing with a similar stop/target to the one shown here. However, my stop is quite tight as I don't like that we've been below the lower pink/red trendline for weeks now... However, the recent pump and then "dump" makes me bullish, as the "dump" can partly be contributed to ETH absolutely exploding over the past week, as ETH is by far the most heavily weighted coin in TOTAL2. When charting against the USD pair, Algo is still doing quite nicely. This makes me think it's about to start doing MUCH MUCH better, as it catches up to the rest of the alt market. As always, only time will tell.