BTCUSDT temporary pullback means bargains to buy
These are my thoughts for this weekend
SUMMARY
BTC is having a temporary pullback
Wait 1 to 3 days for a drop to near bottom of channel - then buy alt coins that are near their 200 day MA
[THE BORING DETAILS
There is strong resistence at $ 25,000 that BTC could not break through but it is only temporary
I expect pullback for 1 to 3 days - of a similar drop to the prior one (red lines) ... down to the bottom of the channel
followed by a moving up again (blue line)
I would stay out of the market until it gets near bottom of this channel
After that - look for bargain and consider buying
The current market is all about
1) BTC getting past 25k
2) and for alt coins it is all about the 200 day MA (on their own chart, not on the BTC chart. Buy coins that are near the 200 MA because most of them are moving up strongly after that .. many of them with a large pump of 50% to 200% above 200 MA
If BTC drops to bottom of the channel, I recommend looking to buy alt coins that have pulled back to near the 200 day moving average.
The following look good to me. I like that they have a USDT margin trading pair which should mean they should be around for a while as Binance is fussy about which coins it allows in margin trading.
IOTA
RUNE
XTZ
LPT has been looking strong and has a big pullback with this BTC drop - it is 37% down from just a few weeks ago and is now 10% under the 200 day MA.
That looks like a bargain price to me with a fasta 55% gain when it turns around and regains that Feb 7 high
Stay out of the water for now.
Wait for a bigger drop then look for bargain to buy
So - I am short term "short" then long term "long"
Happy trading
<the usual blah blah - not financial advise, DYOR etc>
SUMMARY
BTC is having a temporary pullback
Wait 1 to 3 days for a drop to near bottom of channel - then buy alt coins that are near their 200 day MA
[THE BORING DETAILS
There is strong resistence at $ 25,000 that BTC could not break through but it is only temporary
I expect pullback for 1 to 3 days - of a similar drop to the prior one (red lines) ... down to the bottom of the channel
followed by a moving up again (blue line)
I would stay out of the market until it gets near bottom of this channel
After that - look for bargain and consider buying
The current market is all about
1) BTC getting past 25k
2) and for alt coins it is all about the 200 day MA (on their own chart, not on the BTC chart. Buy coins that are near the 200 MA because most of them are moving up strongly after that .. many of them with a large pump of 50% to 200% above 200 MA
If BTC drops to bottom of the channel, I recommend looking to buy alt coins that have pulled back to near the 200 day moving average.
The following look good to me. I like that they have a USDT margin trading pair which should mean they should be around for a while as Binance is fussy about which coins it allows in margin trading.
IOTA
RUNE
XTZ
LPT has been looking strong and has a big pullback with this BTC drop - it is 37% down from just a few weeks ago and is now 10% under the 200 day MA.
That looks like a bargain price to me with a fasta 55% gain when it turns around and regains that Feb 7 high
Stay out of the water for now.
Wait for a bigger drop then look for bargain to buy
So - I am short term "short" then long term "long"
Happy trading
<the usual blah blah - not financial advise, DYOR etc>
Comment:
I dont think BTC will drop any lower that this channel - but if it does, dont worry Just HODL on, look for bargains and load up your bags because the bull market is on and its going to be a few years of moving up .. so just wait it out if there any pullbacks and look to buy more