BITCOIN - Buying New Alts To Stay On The Gravy Train 🚆
Having had a bit of a browse through alts there is plenty of froth and although some of the coins I was holding may look corrective, others do not.
And so I do think a correction is coming, however I think some are setting up to pump higher and have some sort of impulsive top before correcting.
I'll go through these individually but i'm a little short of time now, so i'll just say my new alt list is ADA DASH CHZ KDA JASMY and SHIB. I may add more when i get time.
If on Monday stocks start crashing and also BTC i'll exit everything, but there maybe some pump left in indexes and cryptos can go wild in that time.
Not advice.
And so I do think a correction is coming, however I think some are setting up to pump higher and have some sort of impulsive top before correcting.
I'll go through these individually but i'm a little short of time now, so i'll just say my new alt list is ADA DASH CHZ KDA JASMY and SHIB. I may add more when i get time.
If on Monday stocks start crashing and also BTC i'll exit everything, but there maybe some pump left in indexes and cryptos can go wild in that time.
Not advice.
Comment:
Add STG to the list.
Comment:
Start of the week and a bit of a crunch moment for BTC could set the tone potentially for the rest of the week.
If it bounces here the alt gravy train continues, if it falls through it could be a more bearish week and who knows could be the start of further collapse.
This double top pattern where the second top is steeper on both sides is very often a Wyckoff UT Upthrust and not a good look.
This is low time frame and its BTC so it does what it wants somewhat, but this is a common pattern on various time frames.
Have a look on a much higher time frame that a similar pattern was a major top for GOLD and its not done yet btw, but thats another story.
If it bounces here the alt gravy train continues, if it falls through it could be a more bearish week and who knows could be the start of further collapse.
This double top pattern where the second top is steeper on both sides is very often a Wyckoff UT Upthrust and not a good look.
This is low time frame and its BTC so it does what it wants somewhat, but this is a common pattern on various time frames.
Have a look on a much higher time frame that a similar pattern was a major top for GOLD and its not done yet btw, but thats another story.
Comment:
Oh and btw this is also why I dont have any time for cup and handle patterns which are supposedly bullish because very often it is a distributive pattern.
Telegram Trading Group 🧐
Priority trades, round the clock updates and a 1 hour technical video per week 😼.
Get the "heads up" at critical moments - don't lose your shirt.
$50 per month 👍🏻.
Contact: t.me/dRends35
Priority trades, round the clock updates and a 1 hour technical video per week 😼.
Get the "heads up" at critical moments - don't lose your shirt.
$50 per month 👍🏻.
Contact: t.me/dRends35
And so a quick comparison of old and new.
UNI that did so well from the lows was looking corrective and so I let it go. And today it pumped within the correction zone but is now dumping.
Whereas CHZ was moving up and looked to be breaking out from corrective structure and I could see it was holding the high well, And so I did a switcheroo. Currently up 17% today.
Anyhow we'll see how indexes react, but i'll just hold my positions and not think too much for now.