Disclaimer: If you are primarily interested in copying other people’s trades then this is not for you. However, if you are willing to put in the work that it takes to learn how to trade for yourself then you have found the right place! Nevertheless please be advised that you can give 10 people a profitable trading strategy and only 1-2 of them will be able to succeed long term. If you fall into the majority that tries and fails then I assume no responsibility for your losses. What you do with your $ is your business, what I do with my $ is my business.
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Consensio: Golden Cross on the daily | 50 Week EMA has just started to turn up
Horizontals: R: $260 and $275 | S: $244 - $250
Trendline:
Parabolic SAR: D: $245
Funding Rates: Longs pay 0.16% | Funding rates have been ridiculous over the past week or two. Generally big sell signal, but so far it hasn’t stopped price from grinding up
Shorts: At support | Longs are near resistance
TD’ Sequential: Daily Green 9 called the top of the run. Weekly is only on a 3.
Ichimoku Cloud: Currently testing the bottom of the cloud
Volume: Record buying volume on Bitstamp, Kraken, Binance and nearly on Coinbase
Relative Strength Index: Falling below 70 on daily | 4h supporting above 50
Average Directional Index: Daily is at resistance, this is very important.
Summary: Alts were at an extremely crucial point over the last couple weeks. Testing year+ long support on the btc pair while struggling to keep with up with BTC during it’s rally. If the support for alts broke down that could have been the beginning of the final descent.
Instead massive buying volume came through on the large cap coins. Ethereum and XRP specifically. I am very bearish on those coins for fundamental reasons but if the technicals are strongly suggesting that it is time to be bullish then that is what I will rely on.
This volume is something that just cannot be ignored. Maybe it is all fake, or maybe it was high volume during relatively low volatility which is one of my most important indicators of a bottom.
When comparing ETH to BTC it appears that ETH is where BTC was when it was in the $5,000 neighborhood. Brokethrough 2019 resistance (red) but still well below 2018 support (blue).
ETHBTC also appears to have supported 0.025 which was the do or die area as far as I was concerned. It is still too early to say that has happened for sure, but the trendline has been broken on a weekly basis and there is big volume across multiple exchanges.
I have been longing ETHUSD due to the massive volume and because of how it appears to be lagging BTC. Furthermore the 50 and 200 EMA’s have recently turned bullish.
I have started longing ETHBTC due to the trendline breakthrough confirmed with large volume as well as the price pulling back and into a golden cross on the 4h chart.
Bottom line is that the risk reward is far too favorable for me to pass up. If alts due explode then I will be taking profit into BTC as long as it remains bullish. When I am bullish BTC I want to accumulate more, and alts at these prices could be just the way to do it.
I am a Bitcoin Standard Bearer (maximalist) however that doesn’t preclude me from using them to try and increase my BTC stash.
Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process
Consensio: Golden Cross on the daily | 50 Week EMA has just started to turn up
Horizontals: R: $260 and $275 | S: $244 - $250
Trendline:
Funding Rates: Longs pay 0.16% | Funding rates have been ridiculous over the past week or two. Generally big sell signal, but so far it hasn’t stopped price from grinding up
Shorts: At support | Longs are near resistance
TD’ Sequential: Daily Green 9 called the top of the run. Weekly is only on a 3.
Ichimoku Cloud: Currently testing the bottom of the cloud
Relative Strength Index: Falling below 70 on daily | 4h supporting above 50
Average Directional Index: Daily is at resistance, this is very important.
Summary: Alts were at an extremely crucial point over the last couple weeks. Testing year+ long support on the btc pair while struggling to keep with up with BTC during it’s rally. If the support for alts broke down that could have been the beginning of the final descent.
Instead massive buying volume came through on the large cap coins. Ethereum and XRP specifically. I am very bearish on those coins for fundamental reasons but if the technicals are strongly suggesting that it is time to be bullish then that is what I will rely on.
This volume is something that just cannot be ignored. Maybe it is all fake, or maybe it was high volume during relatively low volatility which is one of my most important indicators of a bottom.
When comparing ETH to BTC it appears that ETH is where BTC was when it was in the $5,000 neighborhood. Brokethrough 2019 resistance (red) but still well below 2018 support (blue).
ETHBTC also appears to have supported 0.025 which was the do or die area as far as I was concerned. It is still too early to say that has happened for sure, but the trendline has been broken on a weekly basis and there is big volume across multiple exchanges.
I have been longing ETHUSD due to the massive volume and because of how it appears to be lagging BTC. Furthermore the 50 and 200 EMA’s have recently turned bullish.
I have started longing ETHBTC due to the trendline breakthrough confirmed with large volume as well as the price pulling back and into a golden cross on the 4h chart.
Bottom line is that the risk reward is far too favorable for me to pass up. If alts due explode then I will be taking profit into BTC as long as it remains bullish. When I am bullish BTC I want to accumulate more, and alts at these prices could be just the way to do it.
I am a Bitcoin Standard Bearer (maximalist) however that doesn’t preclude me from using them to try and increase my BTC stash.
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
