The last few days we have had some great profits pouring in on our alt trades even yesterday managing a 50%+ profit was great considering market conditions.
We now need to give the alts a rest, we can hold long on our positions if your still in if you sold you can re-buy them back later when BTC has a solid support which will be above the RED line. Also remember you can buy the lows of alts look at what position they bounce just search on daily charts for large shadows then set your buys.
This was no surprise 2 days ago we had a daily volume of 6.5 billion, then yesterday and today we were down to 4.5 billion so the break was inevitable.
To put things into perspective for you all just in the last 24 hours BTC has dropped by $4 Billion dollars in capital this kind of sell off is what leads to us breaking its support.
Current indicators are telling us that we are extremely weak but we do have buys flowing in so more than likely we may only make it to the second or third target on this chart, at this point we keep a close eye.
On my previous chart attached in related articles I suggested to sell at the break of the red line this puts us in a small profit but nothing major and your stop loss will remain the red line. We buy the first candle to close over. However stay calm as this move down can take time.
I believe we will break a few targets lower and your patience will pay off so lets stay calm and enjoy the ride. Don't get excited and enter too early remember we have a stop loss at our exit so we are safe to trade we can't lose worst case scenario is you break even give or take a few $$$.
Cash Is King! We won't see much action on alts until we have support so enjoy some time to yourself. If any alts do jump out though I will be the first to tell you.
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Just reaching target 2 and charts are telling us we will go to target 3 :)
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We are nearly reaching target 3.
Target 4 will be in play.
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BTC may close over support but overall still looks very weak so I doubt it will hold.
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BTC is putting in Higher highs and higher lows on the RSI which is a sign of recovery but it still doesnt have enough momentum and lacks volume so i expect it will be more sideways action then retrun to target 3 or lower.