Great week, alt-coin rally, 46% profits, get ready for more!
What a great week. Hard to walk away a loser after softballs like that (but it happens). Exited with 42% profits after entering on the 6th of January (see pasts post).
ETC was the clear winner for me. I entered and exited multiple times and had great gains. Played BTC, DASH, AUGER, XRP, XLM. Missed the DASH pump from $88 to $140 by 1H (sold right before), and entered a sweet scalp-trade with Auger (but wrecked myself later hoping to do the same on the backside spike (broke a cardinal rule, I entered behind a parabolic surge, and I paid for it)). Jumped in on XLM and XRP today hoping they were going to pump them last but they both had weak performances. Still walked away up regardless.
I do believe this rally is finished, as we've been unable to break above $9,000 on multiple occasions. That, and alt-coins have turned mostly south and the market will be quite reserved now. The 1D RSI is sitting at 70 looking flat and maybe ready to turn. I imagine the last of the profit takers start doing so now and the in the next few weeks if we don't get a surge we will see bitcoin use what used to be the 7-month resistance line/channel as support now as we correct and move back to the 5-year log support line. It's possible we break $9,000 and test $10,000, maybe even $11,000, in that case I will probably jump in, but I'm not betting on it. At all.
This rally started at $7,227, which is EXACTLY 61.8% fib retracement, which to me suggests that that may have been the first wave of a big 1,2,3,4,5 impulse. So this upcoming rally will be wave "3" essentially. What we saw now was kinda of like a reversal surge, now we'll find a higher low on the 5 year support line. I imagine $7,500-$8,000 will hold as support as we transition back up.
The 1W MACD looks like we're about to have a bullish cross-over, which is usually a very strong indicator of another surge, and the 1M RSI shows us having the higher lows which suggests bullish behavior as well (they are correlated to some extent).
This year I'm starting off great. My calls are on point and my charts seem to be working for me quite well. I envision this year being huge for crypto. Everything is in place for another 2017 (but bigger). As long as they keep pumping tether into the market......
ETC was the clear winner for me. I entered and exited multiple times and had great gains. Played BTC, DASH, AUGER, XRP, XLM. Missed the DASH pump from $88 to $140 by 1H (sold right before), and entered a sweet scalp-trade with Auger (but wrecked myself later hoping to do the same on the backside spike (broke a cardinal rule, I entered behind a parabolic surge, and I paid for it)). Jumped in on XLM and XRP today hoping they were going to pump them last but they both had weak performances. Still walked away up regardless.
I do believe this rally is finished, as we've been unable to break above $9,000 on multiple occasions. That, and alt-coins have turned mostly south and the market will be quite reserved now. The 1D RSI is sitting at 70 looking flat and maybe ready to turn. I imagine the last of the profit takers start doing so now and the in the next few weeks if we don't get a surge we will see bitcoin use what used to be the 7-month resistance line/channel as support now as we correct and move back to the 5-year log support line. It's possible we break $9,000 and test $10,000, maybe even $11,000, in that case I will probably jump in, but I'm not betting on it. At all.
This rally started at $7,227, which is EXACTLY 61.8% fib retracement, which to me suggests that that may have been the first wave of a big 1,2,3,4,5 impulse. So this upcoming rally will be wave "3" essentially. What we saw now was kinda of like a reversal surge, now we'll find a higher low on the 5 year support line. I imagine $7,500-$8,000 will hold as support as we transition back up.
The 1W MACD looks like we're about to have a bullish cross-over, which is usually a very strong indicator of another surge, and the 1M RSI shows us having the higher lows which suggests bullish behavior as well (they are correlated to some extent).
This year I'm starting off great. My calls are on point and my charts seem to be working for me quite well. I envision this year being huge for crypto. Everything is in place for another 2017 (but bigger). As long as they keep pumping tether into the market......
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