NAVBTC Trading Bullish Channel, and Bitcoin Price Action
Updated
Bitcoin:
Bitcoin price is currently driving the altcoin market price. When Bitcoin goes up in price, the alt coins tend to go down. When Bitcoin begins to head down in price, the alt coins tend to gain more bounces. Right now, Bitcoin has hit a resistance line that I drew, and I think it will head down a little (to about $7000). Later, I will post a chart to illustrate that idea played out.
That being said, Bitcoin is a ravenous, unstoppable beast. So I will not be risking too much of my trading capital here.
TA:
This is a method I used to set some targets, by attempting to breakdown the price action, if it were to continue in the bullish channel. I also limit my risk by setting a stop loss off a potential support line.
Fundamentals:
Navcoin just released a beta of their NavPay project on Nov. 1st.
It's also a coin that I believe is very solid. The dev team is very active, even holding weekly AMAs (ask me anything) to anyone willing to participate. This is a coin that would be great to get such a low entry point on.
Bitcoin price is currently driving the altcoin market price. When Bitcoin goes up in price, the alt coins tend to go down. When Bitcoin begins to head down in price, the alt coins tend to gain more bounces. Right now, Bitcoin has hit a resistance line that I drew, and I think it will head down a little (to about $7000). Later, I will post a chart to illustrate that idea played out.
That being said, Bitcoin is a ravenous, unstoppable beast. So I will not be risking too much of my trading capital here.
TA:
This is a method I used to set some targets, by attempting to breakdown the price action, if it were to continue in the bullish channel. I also limit my risk by setting a stop loss off a potential support line.
Fundamentals:
Navcoin just released a beta of their NavPay project on Nov. 1st.
It's also a coin that I believe is very solid. The dev team is very active, even holding weekly AMAs (ask me anything) to anyone willing to participate. This is a coin that would be great to get such a low entry point on.
Trade closed: target reached
Wow, all 3 targets hit with 1 massive green candle. Hope you guys took profits.
You can continue to use my parallel channel for good entry points and targets
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