Alt the way forward!
Updated
Here we have the BTC sitting in accumulation its being day traded by many which must be like watching grass grow. I had a few days away while away I got back to 1000 questions on BTC so I thought the best way to answer these would to be post a trade with very simple instructions. By following the below you won't have to ask anyone about BTC again until we break the channel.
I would like to point out some important factors that will allow us to successfully produce profits long term without the concern on BTC too many people stress over the slightest moves on BTC so I really do hope you can save this chart and put your mind at ease.
So we clearly have a channel that BTC can't break out of its even clearer on the daily chart, however this is a good thing to allow us to trade alts.
The scary thing when trading alts is the movement of the BTC as any large moves can either be good or bad as we all experience. You must understand BTC will move but there is a difference in moving and breaking to the point it affects trades.
I would suggest you all set an alarm just above the red line on the chart this will tell you when you need to heavily observe your alt trades and be prepared to close them..
The alarm on the green line is simply to tell you if you haven't already invested your BTC into some alts that would be the time as we will see market volume pick up very fast as we will move up into the $9,000 range which provides good trading conditions.
Just a week ago I was posting on bitcoin and notified everyone when volume returns in Crypto we will have great trading conditions, well at the time of this post Crypto market had 245 billion in it, now we have 334 billion in crypto an increase of around 40%.
BTC dominance was running over 45% of the market its now down to 41% which is good more money has moved to alts, nearly 90% of the alts are up 50%+ since this post.
We can also resume trading alts now daily, there is absolutely no need to even check the BTC chart if you have alarms set focus on the alts.
BTC right now is looking far more bullish then bearish but more then likely when we reach the top of the channel we will see it sold off again, this is no concern as long as it doesn't break the red line you can secure alts and we are moving into a bullish market where we can open short time frame holds (7 days +)
I will be back posting alts daily and catching their break outs so lets enjoy the cash.
I would like to point out some important factors that will allow us to successfully produce profits long term without the concern on BTC too many people stress over the slightest moves on BTC so I really do hope you can save this chart and put your mind at ease.
So we clearly have a channel that BTC can't break out of its even clearer on the daily chart, however this is a good thing to allow us to trade alts.
The scary thing when trading alts is the movement of the BTC as any large moves can either be good or bad as we all experience. You must understand BTC will move but there is a difference in moving and breaking to the point it affects trades.
I would suggest you all set an alarm just above the red line on the chart this will tell you when you need to heavily observe your alt trades and be prepared to close them..
The alarm on the green line is simply to tell you if you haven't already invested your BTC into some alts that would be the time as we will see market volume pick up very fast as we will move up into the $9,000 range which provides good trading conditions.
Just a week ago I was posting on bitcoin and notified everyone when volume returns in Crypto we will have great trading conditions, well at the time of this post Crypto market had 245 billion in it, now we have 334 billion in crypto an increase of around 40%.
BTC dominance was running over 45% of the market its now down to 41% which is good more money has moved to alts, nearly 90% of the alts are up 50%+ since this post.
We can also resume trading alts now daily, there is absolutely no need to even check the BTC chart if you have alarms set focus on the alts.
BTC right now is looking far more bullish then bearish but more then likely when we reach the top of the channel we will see it sold off again, this is no concern as long as it doesn't break the red line you can secure alts and we are moving into a bullish market where we can open short time frame holds (7 days +)
I will be back posting alts daily and catching their break outs so lets enjoy the cash.
Note
we have broke high on the channel now we will see most alts much healthierNote
BTC looking very strong next target would be $9150 I will post a new trade idea on this tomorrow.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.