I picked the BTC chart, but this is not just a BTC chart, this will include the strategy and the mindset to adopt in such a wild period of the market.
First of all, let me talk a little bit about BTC . I kept my channel drawn from my last chart, and it broke out and went back down. So it seems to be somehow respecting it. If you look at every TA in here, everyone has conflicting views. Some are crying for a bull trap, others are super optimistic, and some believe we will retrace at 12000. Bottom line is, none of us actually know what's going on. The data is not enough yet to conclude anything, the only data we have is that Bitcoin buy pressure has drastically augmented and we believe the correction MIGHT be over.
In my opinion, I think and CBOE play a huge role now if we like it or not. It's way easier for them to profit of a long now than a short. So this talk about 25000 btc this year, I really don't see it, unless these big players allow it.
THAT being said, right now we're uptrending. What do we do with alts ?
- If btc goes up, neutral alts satoshi value will go down. What do I mean by neutral ? It's alts that are not moving, have no news, no nothing. So if you are a long term holder of an alt, and you know you're in a period where there is nothing happening, get out and buy back lower. No point in holding. I held Omise Go and Walton Chain when BTC rallied to 20k. It was the biggest mistake of my trading life. They had nothing going on for them, I should have converted to BTC and bought them back lower.
- If BTC goes down, everything goes down : Whales panic and convert to tether -> massive sells.
So what do we do? Every alt trade we do now, we will put stop loss orders. THAT IS A MUST Now
Good luck with your trading