Yesterday we saw a bounce short-term that isn't receiving much follow up by the bulls.
This looks like a Dead Cat Bounce.
Bitcoin is facing resistance at EMA50/100 on the 1H timeframe.
The bulls tried to push prices higher yesterday but there was a strong rejection at MA200.
After such a strong rejection, high volume, we can expect a follow up by the bears. (Aiming lower short-term, additional details on the chart)
Remember the longer-term picture... We have one more drop before this whole thing is over and it can take anywhere between 1-3 weeks.
TOP 10 Altcoins
Name the TOP Altcoin pair you would like to see an update on in the comments section and I will share it for you. We are getting back at looking at the altcoins charts.
We will be looking at Altcoins vs Bitcoin (ALTSBTC) and Altcoins vs Tether.
Your support is appreciated. All pairs are welcomed.
Namaste.
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Thanks a lot for all the comments. I will be looking at all the Altcoins listed starting this coming Monday.
thanks Alan. How are you managing your alts and btc in terms of risk? Have you taken off the table and waiting or simply have bids lower ? Do you not think that if btc tests of hits the 33-30k area again this is danerous as it has already tested many times and is becoming weaker support each time?
AlanSantana
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@richgraham, We use a 10-25% stop-loss per trade depending on potential rewards.
If prices go 10% below our buy-in, for example, we close the trade. The risk on such a trade is set at 10%. This same trade can have targets from 80-100%.
So it really depends on the trade, the chart setup. It also depends on your strategy and your capital. Your own risk tolerance, your trading style.
Swing traders will do it differently than day traders. Long-term traders will do it different as swing and day traders. Investors need not worry about risk and simply buy and hold.
How are you trading? What are you trading? What are your goals?
How much risk you can tolerate, will depend on your own personal situation.