Let's start saying something: Last time I decided BTC wasn't going to decline anymore and that was a really good time to start playing again with ALTs, I got REKT! That time I thought BTC was going to make a triple bottom (so we were in a good support) so I entered XMR and NEO. The day after, BTC keep falling and i got stopped in both positions.
That said, today I decided I think BTC isn't going to decline anymore and that was a really good time to start playing again with ALTs. Of course I do think BTC will go down a little in the near future (maybe tomorrow), but I think it found it's bottom for now and we're going to have some mid term uptrend.
Let's go to the setup: NAV have been in a huge downtrend since the famous big bull run of 17/dec. It have felt impressive 80% (facing BTC, I prefer not calculating against USD, lol). It's price action has formed a huge falling wedge (which is a bullish pattern), its RSI and MACD have formed bullish divergences (these are bullish reversal patterns that indicates bears are losing power). Its RSI have entered in the oversold zone (the last time it have been there, we've got more than 30% after reversal).
And the most important: did you guys notice that huge increase in volume? Let me say something, have you ever got furious for not having bought that one coin that made that huge announcement that made it reach the stars in one candle? Well, I'm not saying it will make any announcement, it's just that usually big market players have this news first, and they start buying, and volume is the footprint of whales! Yes they do have foot, shtthfckup!
So, as always, this is not financial advice! You should not buy anything anyone told you to, but I bought what this chart told me to. I've put a stop-loss 10% below just in case BTC decide to fuck things again. But, if my belief about BTC bottoms is right, we are going up
It is called Market Maker volume, look it up.
The volume on Bittex is a good indication of the real volume, it has always been following the volume on Binance closely.
UnknownUnicorn288635
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@DenDanny, Hey man, I uderstand the concept of market maker, but a trade depends on 2 sides, the buyer and the seller. No market maker can create trades volume if there is no buying and selling pressure for one asset, I think.
Let me know if you think I lost something hahaha
invisiblefriend
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so true -- i got hit hard this time -- and got left holding many alts along way -- nav is one --- i noticed that crazy volume -- it seemed a lot of selling though .... but seems like perfect entry point ..... namaste
UnknownUnicorn288635
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@invisiblefriend, my main capital has been in fiat since january. nav is one of the 4 alts I decided keep hodling. this entry point is for increasing the hodl for altseason2018. thanks for the comment!
The volume on Bittex is a good indication of the real volume, it has always been following the volume on Binance closely.