With many signs pointing towards a cycle for altcoins ( ETH/BTC strength, BTC dominance breakdown, DeFi fever, NASDAQ mania etc.), it's important to look for clues on the chart that point towards an asset being ready to move.
Otherwise you risk sitting in a stagnant position through a multi-week bull cycle, suffering from an unnecessary opportunity cost. This can also lead to emotional decisions, ultimately exiting said position late to chase an exhausted pump. Either way it's not an ideal way to make money in a hot market.
Generally with a market wide rally (if we get one), most or all assets end up seeing juicy gains. But how do you pick which ones to trade?
analysis is an excellent tool when sifting through a series of charts. often precedes price, and in the case of BRD , you can see a significant up-tick in that marked the low, and a large influx of that followed up shortly after.
Confirmation of market structure in addition to a confirming on the daily, makes this a high probability bottom formation that has now dipped back down into optimal long location (.618 retrace of move off the low).
There are a lot of really good looking altcoin charts. From your short list, look for the ones that show evidence of buyers stepping in, using the indicator. In combination with the rest of your TA tool belt, this can be a key differentiator when selecting which trades to take.
What assets do you see that are showing large influx's of buy with relatively little price movement?
Comment below and we're happy to put together a full chart analysis.