About the charts ALTS are getting drained by these great news and future forks that are coming out to Bitcoin. No one wants to miss them. And this means more people are selling their ALTS to join this bullish BTC rally. If BTC will continue moving upwards, it means that ALTS are going to test even lower supports. But in other hand if BTC starts falling we might get nice boost on ALTS. The idea of this chart is to show when to accumulate more ALTS or BTC and open long term trades based on reversal zones.
ALTS ALTS have been loyal to the channel, not breaking it either way and it is giving perspective how to trade them. If the price of ALTS start falling, then we should seek for possible reversal zones. First ones will be MA20 (BB), MA50, MA100 (strongest) and the last one will be the bottom of the channel.
Bitcoin Bitcoin have had an amazing bull run and it might have not ended yet. So I really hope you all have positioned well for these crazy BTC moves. The price is super overbought at the moment and have not seen any major corrections so far. So the question is when we will be seeing any major correction and when to open long term trades? This actually requires patience and when the price starts falling, then we should seek new entry levels and possible reversal around MA20 (BB), MA50 and MA100 (strongest) zones. The markets are overheating and it's very hard stay away from it but I recommend to be careful with these markets!
Anyways.. Here are my thoughts about BTC and alts. I'd love to hear your thoughts on current Bitcoin VS alts Situation!
Things to remember: To trade safely I recommend using stop-loss function in case something goes wrong. It's better to wait than to regret. This is important when you are doing long term investments! Knowledge behind of your trades gives you success, more often! Always be aware of things, trends and events what's happening around the current crypto you are trading. They may have big impact on the price movement!
Any questions or need help? Feel free to leave comments and feedback! Yarr!
Comment
⋅
This was expected when BTC starts dipping ALTS starts rising.
Comment
⋅
Update: BTC breached top line of the falling wedge pattern and this is making our alts to drop even further. Target is close to our ATH/resistance line. BTC is super overbought and at these highs you should be careful. Doesn't mean that the price won't make new ATH but extra carefulness is recommended. :) Structure of the current price action of Bitcoin does not look promising.
Comment
⋅
Update on BTCUSD: After breaking out from the falling wedge pattern the price is forming already new pattern which is rising wedge. If this formation starts breaking down, lower support levels will be tested and good reversal points are MA100 (orange line), MA50 (blue line, 12,800 level and pattern breakout target which is around 14,000 level.
I'm saying congratulations to anyone who got in early with Bitcoin and is cashing out for a new lambo, or buying up all the discount Alts. I think trying to jump onto the bitcoin train right now would be suicide. Sooner or later BTC will correct and the money will be trying to get out of BTC in a hurry. Should see lots of Alts pump as a result. ETH is still looking healthy for another wave up to the 600's.
yarr
⋅
@Cherity, I totally agree with you and also bitcoin has not seen any proper correction so far + markets are overbought all the times.
KKrill
⋅
I like your description and im fully with your opinion! thanks :)
yarr
⋅
@KKrill, thanks for your feed back! I truly appreciate it. Arrr! Join da deck landgrab!
Supreme_Llama
⋅
Beautiful charts
yarr
⋅
@MaxKeiser, Thank you very much!
lj_4b
⋅
Thank you for updating your charts. What do you think about XEM?
@yarr, yes. I am thinking about buying some XEM, but idk... doubting about that idea. On the one hand- low price and good conditions, but on the other... Have a feeling like it's more like a pumping crypto. Thank you for your answer
BenRedfield
⋅
Thanks for posting. How did you choose the multipliers you use for each symbol?