I am shitcoin_rich. I'm just some guy who made it in 2017 and gave a lot back to the market in 2018 and 2019, but, I learned a lot of great lessons and nuances of the altcoin market. My TA is meant to be simple, no gann fann's or fib circles. And I picked up a few nuanced alt coin trading tips that you can only see after staring at these charts for a few years. I trade with EMA's as my baseline with price action as my basis for exact entries. I use fibonnaci/ market geometry/ indicators/ divergence for confluence on my entries/ exits. I will be making predictions, but am I reactionary trader. I am the farthest thing from a financial advisor.
1) When BTC is trending bearish , alts are mostly bearish .
2) When BTC is trending bullish , alts are mostly neutral or bearish .
3) When BTC is consolidating, alts are most neutral or bullish .
4) After a BTC bull trend, and moves into short to mid term consolidation, money almost ALWAYS moves into alts.
5) Alts follow Ethereum's macro trail mostly. Ethereum follows BTC's macro trail mostly.
6) If you LONG/ BUY alts with bearish momentum for Bitcoin or Ethereum , odds are you will lose.
7) I personally still use USD to buy my coffee and pay my rent.. half the time you're going to gain USD and lose BTC when trading alts. I trade USD and USDT pairs to gain USD. If I lose BTC value, it doesn't phase me.
BTC is King. Ethereum is queen. Alts are volatile peasants.
Long/buy Alt coins when BTC and ETH have bullish and/or sideways conditions.
LINK/USD, you saucy, saucy minx. You have been as tasty an alt chart since 1 buck. I kick myself at night for not putting my savings into you at 1 dollar and thinking you were topping at 4 dollars. Well, here you are.. all sexy and top 10 market cap now and 30 dollars. "Eat my dust EOS and XLM , it's my time to shine."
Let's dig into it!
COINBASE:LINKUSD corrected with the rest of the market led by the King and Queen.
-LINK put in the local high on FEB 20th before a healthy correction thru FEB 28th.
Some technical observations.
- It appears the last major low on the daily TF was on FEB 8th which propelled LINK to it's new ATH . About a cool 23 bucks at the time. This region has some great confluence as the swing low beyond a naked eye glance of the chart. Where the correction wicked down to clues me into a couple of possible price action occurrences. The biggest factor being, there was a lot of entries at 23 dollars, and you know what's under a lot of entries? Yummy liquidity for those fat whales. The institutional money drove price down there and stopped out retail traders out and filled their bellies with fishies and guppies for the next big run up.
-A quick lesson on raging bull market BTFD in price discovery . My buy zones are at the . 618 retracement and the . 786 retracement . But where do you PULL the fibonnaci extension on your chart? You pull from the last swing low before the new high was put in (min 6hr tf/ ideally daily tf). You pull the high of the fib extension with price as it continues up and then eventually tops. That gives you your .618 and .786 buy zones.
- Price retraced down to the . 786 retracement of the move almost to the tick, but you'll notice the candles closed above and held the .618. Since then, we've been progressively (lower tf) being putting in gradual higher lows at or around the . 618 retracement regions.
- We lost the 6hr ema on the correction but have recently reclaimed a close above it, which is one of my personal baselines for bullish conditions.
- Lastly, you'll notice I put a channel to frame the market. Although this article is bull biased, if we start to close price outside of the lower boundary channel, I would be cautious and possibly flip my bias expecting a larger corrective move.
- I think the whales have packed their bags for the run to $48-50. I love LINK and their fundamentals, and I believe this shitcoin has upside over $100 in 2021.
And remember! Don't over risk! DYOR! Have a trading plan!
1) When BTC is trending bearish , alts are mostly bearish .
2) When BTC is trending bullish , alts are mostly neutral or bearish .
3) When BTC is consolidating, alts are most neutral or bullish .
4) After a BTC bull trend, and moves into short to mid term consolidation, money almost ALWAYS moves into alts.
5) Alts follow Ethereum's macro trail mostly. Ethereum follows BTC's macro trail mostly.
6) If you LONG/ BUY alts with bearish momentum for Bitcoin or Ethereum , odds are you will lose.
7) I personally still use USD to buy my coffee and pay my rent.. half the time you're going to gain USD and lose BTC when trading alts. I trade USD and USDT pairs to gain USD. If I lose BTC value, it doesn't phase me.
BTC is King. Ethereum is queen. Alts are volatile peasants.
Long/buy Alt coins when BTC and ETH have bullish and/or sideways conditions.
LINK/USD, you saucy, saucy minx. You have been as tasty an alt chart since 1 buck. I kick myself at night for not putting my savings into you at 1 dollar and thinking you were topping at 4 dollars. Well, here you are.. all sexy and top 10 market cap now and 30 dollars. "Eat my dust EOS and XLM , it's my time to shine."
Let's dig into it!
COINBASE:LINKUSD corrected with the rest of the market led by the King and Queen.
-LINK put in the local high on FEB 20th before a healthy correction thru FEB 28th.
Some technical observations.
- It appears the last major low on the daily TF was on FEB 8th which propelled LINK to it's new ATH . About a cool 23 bucks at the time. This region has some great confluence as the swing low beyond a naked eye glance of the chart. Where the correction wicked down to clues me into a couple of possible price action occurrences. The biggest factor being, there was a lot of entries at 23 dollars, and you know what's under a lot of entries? Yummy liquidity for those fat whales. The institutional money drove price down there and stopped out retail traders out and filled their bellies with fishies and guppies for the next big run up.
-A quick lesson on raging bull market BTFD in price discovery . My buy zones are at the . 618 retracement and the . 786 retracement . But where do you PULL the fibonnaci extension on your chart? You pull from the last swing low before the new high was put in (min 6hr tf/ ideally daily tf). You pull the high of the fib extension with price as it continues up and then eventually tops. That gives you your .618 and .786 buy zones.
- Price retraced down to the . 786 retracement of the move almost to the tick, but you'll notice the candles closed above and held the .618. Since then, we've been progressively (lower tf) being putting in gradual higher lows at or around the . 618 retracement regions.
- We lost the 6hr ema on the correction but have recently reclaimed a close above it, which is one of my personal baselines for bullish conditions.
- Lastly, you'll notice I put a channel to frame the market. Although this article is bull biased, if we start to close price outside of the lower boundary channel, I would be cautious and possibly flip my bias expecting a larger corrective move.
- I think the whales have packed their bags for the run to $48-50. I love LINK and their fundamentals, and I believe this shitcoin has upside over $100 in 2021.
And remember! Don't over risk! DYOR! Have a trading plan!