Earlier I took and posted a short trade on Ethereum
ETHUSD
. As the trade plays out and I watch other cryptocurrencies in the market there is an interesting divergence. Ethereum is selling off but it remains one of the stronger cryptocurrencies in this pullback by holding its gains.
BTCUSD
has retraced the full 50% of yesterday's rally. Cryptocurrencies like Dogecoin
DOGEUSDLONGS
are clearly weaker failing to hold the Retracement. Meanwhile some are stronger in the short term like Monero
XMRUSD
which have gone on to break the rally high.
A good principle is buy strength and sell weakness. This puts you in line with the trend. I would advise checking how your favorite cryptocurrency is handling today's price action.
A good principle is buy strength and sell weakness. This puts you in line with the trend. I would advise checking how your favorite cryptocurrency is handling today's price action.
"Be to others the person you needed to meet 10 years ago"
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Youtube: www.youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade