Posting about a series of Alt Coins that follow my relatively straightforward criteria these days for when Bitcoin is in a slide. The four parameters are:
1. Above the 50 day MA (RED).
2. Above the 9 day EMA (Orange).
3. Above 50 RSI - Even better if Above 60 RSI .
4. Positive trend in MacD .
Coins already meet the parameters include ONT BNB and EOS. ZIL will join them soon, as will WTC.
Ven Definitely meets the parameters!
The problem: Is VEN going to complete the Inverse H&S?
My prediction - Yes.
Why? The 9 Day EMA and 50 Day MA are crossing over. This is a strong bullish sign that has historically preceding runs for most, including VEN. Between the current price and a breakout is really only 2 levels of resistance, 1. The 50% Fib Retracement and 2. The Neckline. Also, if this is in face the beginning of a wave 5, the smallest length of the most likely three outcomes still would result in a breakout. So if this showdown at the neckline fails to find a breakout, then this wave 5 is severely stunted and unfitting. However, it must be kept in mind that necklines are often strong resistance, and, to make things more difficult, the RSI and MacD look like they could be starting triangle patterns so resistance will be there as well. So while I am bullish, there is some hesitation with this call.
How to play it: If not already holding, the time to buy is as close to the 9 Day EMA as possible. The shorter time frames show a bullflag is forming, so there might be another opportunity to get in below 52000 which is where the 9 Day EMA will be within the next 2 candles and I expect the 9 day EMA meeting the price will cause a nice bounce. I am holding and bought in just at 48500 when the price found support on the 9 Day EMA. Stoploss options are below the 9 Day EMA for the risk adverse, and below the 50 day MA if you are willing to take a small loss. Of course the stoploss will scale up with the price. Initial target is the neckline, and then all eyes on the potential breakout. If it breaks out, then the next target is 63000 with home run potential of 86000 and a new ATH.
1. Above the 50 day MA (RED).
2. Above the 9 day EMA (Orange).
3. Above 50 RSI - Even better if Above 60 RSI .
4. Positive trend in MacD .
Coins already meet the parameters include ONT BNB and EOS. ZIL will join them soon, as will WTC.
Ven Definitely meets the parameters!
The problem: Is VEN going to complete the Inverse H&S?
My prediction - Yes.
Why? The 9 Day EMA and 50 Day MA are crossing over. This is a strong bullish sign that has historically preceding runs for most, including VEN. Between the current price and a breakout is really only 2 levels of resistance, 1. The 50% Fib Retracement and 2. The Neckline. Also, if this is in face the beginning of a wave 5, the smallest length of the most likely three outcomes still would result in a breakout. So if this showdown at the neckline fails to find a breakout, then this wave 5 is severely stunted and unfitting. However, it must be kept in mind that necklines are often strong resistance, and, to make things more difficult, the RSI and MacD look like they could be starting triangle patterns so resistance will be there as well. So while I am bullish, there is some hesitation with this call.
How to play it: If not already holding, the time to buy is as close to the 9 Day EMA as possible. The shorter time frames show a bullflag is forming, so there might be another opportunity to get in below 52000 which is where the 9 Day EMA will be within the next 2 candles and I expect the 9 day EMA meeting the price will cause a nice bounce. I am holding and bought in just at 48500 when the price found support on the 9 Day EMA. Stoploss options are below the 9 Day EMA for the risk adverse, and below the 50 day MA if you are willing to take a small loss. Of course the stoploss will scale up with the price. Initial target is the neckline, and then all eyes on the potential breakout. If it breaks out, then the next target is 63000 with home run potential of 86000 and a new ATH.
Trade closed manually