Broad Market Update
We're at a significant point in the market this week specifically, and through from now till Mid April.
So pay attention. Use less volume. Use stops. And be ready for an over reaction in either direction.
Make sure you're never more than 50% of your portfolio in Alt Coins. Make sure at all times at least 50% is in BTC. It saves you from over extending and then having your entire portfolio take a beating if the market turns around quickly.
I've laid it out in a single chart what's going on and will explain each point.
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Moving Averages:
Death Cross (50MA / 100MA) Significant, as time passes the 50MA will get closer to price. And will act as resistance once we've covered enough time. Until Price is back above that 50MA, we're still bearish in the grand scheme.
Bollinger Band (20MA) Significant, we've reached it now. We're just under it. Appears there is a lack of volume while we're at it. Unless we break out in the next few days, we're going to fall. And it'l most likely be the 200MA that we fall to.
Also note the last time this same deathcross happened it was 2015, we also ran to the 20MA and failed and fell back to the 200MA. VERY SIMILAR.
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Indicators:
Stoch @ 66.6 give or take has been support/resistance since 2011. We're coming up to it now on the weekly.
Stoch RSI @ 99 give or take we're topped out on the Stoch RSI. Which means we have very little time left for any upwards momentum. You can also see 60 acted as resistance/support for a very long time. Pay attention as we fall from 99 and once we get near 60.
RSI @ 41 give or take we're at a very long term support/resistance point for RSI. Most likely will bounce along it and get rejected by it. Which would mimic the phase 2 of the bear season of 2014 before the second major leg down.
We're at a significant point in the market this week specifically, and through from now till Mid April.
So pay attention. Use less volume. Use stops. And be ready for an over reaction in either direction.
Make sure you're never more than 50% of your portfolio in Alt Coins. Make sure at all times at least 50% is in BTC. It saves you from over extending and then having your entire portfolio take a beating if the market turns around quickly.
I've laid it out in a single chart what's going on and will explain each point.
~~~~~~~~~
Moving Averages:
Death Cross (50MA / 100MA) Significant, as time passes the 50MA will get closer to price. And will act as resistance once we've covered enough time. Until Price is back above that 50MA, we're still bearish in the grand scheme.
Bollinger Band (20MA) Significant, we've reached it now. We're just under it. Appears there is a lack of volume while we're at it. Unless we break out in the next few days, we're going to fall. And it'l most likely be the 200MA that we fall to.
Also note the last time this same deathcross happened it was 2015, we also ran to the 20MA and failed and fell back to the 200MA. VERY SIMILAR.
~~~~~~~~~~~~
Indicators:
Stoch @ 66.6 give or take has been support/resistance since 2011. We're coming up to it now on the weekly.
Stoch RSI @ 99 give or take we're topped out on the Stoch RSI. Which means we have very little time left for any upwards momentum. You can also see 60 acted as resistance/support for a very long time. Pay attention as we fall from 99 and once we get near 60.
RSI @ 41 give or take we're at a very long term support/resistance point for RSI. Most likely will bounce along it and get rejected by it. Which would mimic the phase 2 of the bear season of 2014 before the second major leg down.