Price is near the newly established after breaking 482. If price continues to push lower, the next level we will be watching for is the 440 area. This is a minor reversal zone boundary (not on chart for sake of simplicity).
IF a appears around the 440 level or around 423, we will be looking for a swing trade long trigger.
A sell signal like the one that just appeared is good for locking in some profit if you managed to buy at lower prices. Since we do not short these markets, shorting is not a possibility within the scope of our strategies.
We are also holding inventory in BTC and other coins and will not sell any during the next retrace. The long term probability that these markets climb out of these lows is just beginning. With the amount of long term potential baked into these markets, there is no reason to lighten up on our positions at these levels, even in the face of a sell trigger.
In summary, as I wrote earlier in my S.C. report, it is important to have a detailed process the defines every part of your decision making. We separate our strategies by time frame and define our decision making criteria from there. That type of organization is what serves as the most effective guide during conflicting signals such as a sell trigger within a slow grind recovery.
At S.C., we look at these markets through the lense of a position trader and swing trader simultaneously. If this market retraces back to extrme prices like the 390s, we will be looking to accumulate more. If price instead forms a broader higher low, we will be looking for the swing trade long. Either way, we have a predetermined plan for what the market decides, not what we "predict" it will do. Check S.C. for trade ideas because that is where we share them with our followers.
Hey guys, what do you think?
Keep on accumlating guys.
On BTC however it made a new low but it wasn't very far from it's previous low as BTC has huge range to move in and candle closed strong above 6k so i still see overall market sentiment is bullish very long term.
I always like to watch what BTC is doing when talking altcoins as they pretty much follow BTC no matter what pattern they are currently in.