As BTC has been dropping for a while now, so has the rest of the market. For SAND this resulted into a falling wedge, which at some point wil break out and will continue its bullish trend.
Though, as we now see more correlation with BTC than the previous weeks is also good to understand what BTC is doing. BTC fell throught its trendline that was holding since early summer and is now trading around 49,5K at the time of writing. I believe that BTC will retest 47K in the coming days (today / tomorrow) and will drag all other coins down with it. That is the moment where I want to accumulate my position in SAND, of which I believe that will be somewhere around $4.60, around the fibo support line.
From here I believe BTC will go back up to the trendline at 55K, and Sand will make a strong move up as well, potentially to its previous high. Though, as soon as BTC reaches the trendline again, I will take my profit and wait for the next move. In the past we have seen euphoria when BTC went back up, but as the history teached us: a pullback to the trendline is the beginning of a very very big drop. Before that happens I want to be out and have my money stalled in USDT so that I can buy back more coins for the same amount.
Not financial advice, and happy trading!
Though, as we now see more correlation with BTC than the previous weeks is also good to understand what BTC is doing. BTC fell throught its trendline that was holding since early summer and is now trading around 49,5K at the time of writing. I believe that BTC will retest 47K in the coming days (today / tomorrow) and will drag all other coins down with it. That is the moment where I want to accumulate my position in SAND, of which I believe that will be somewhere around $4.60, around the fibo support line.
From here I believe BTC will go back up to the trendline at 55K, and Sand will make a strong move up as well, potentially to its previous high. Though, as soon as BTC reaches the trendline again, I will take my profit and wait for the next move. In the past we have seen euphoria when BTC went back up, but as the history teached us: a pullback to the trendline is the beginning of a very very big drop. Before that happens I want to be out and have my money stalled in USDT so that I can buy back more coins for the same amount.
Not financial advice, and happy trading!