NOTE: after posting this BTC already made a lower low than yesterday — today’s close IMPORTANT!!
NOTE: There are very mixed signals in the crypto market as of the close today — but there continue to be sporadic signs of strength in the altcoin market STR continues to move us as bullish patterns indicated yesterday — and BCH (an altcoin sort of) moved up strongly with high volume.
Add to that a number of smaller altcoins that are following the bullish patterns we shared over the last couple of days (STRAT chart was shared, also SYS, XEM new chart shown below and more), and BTC’s slow down to consolidate its recent big gains, and it’s likely safe trading opportunities are emerging (or have emerged for those scaling into positions).
ETH is a bit of a red flag — it has not moved up ON TIME so it needs to hurry — see chart for more. Other large altcoins are not showing much strength and XRP is actually showing weakness, but XRP outperformed the entire crypto market so it has some room to fall back in line with the rest of the crypto market.
What we’re watching now is the smaller altcoin market — oldies but goodies like DGB, SC and FCT — we’ve seen a few of this group move up more than the large altcoins so let’s see if their rotating back to these severely beaten coins. Doesn’t mean you have to trade them–just might be a strong indicator of WHEN to enter or add on the larger altcoins like ETH, ZEC, XMR, LTC, etc.
BOTTOM LINE — Nothing in sync at the moment — but indicators are emerging and we see some potential bullish patterns forming. You must really study each chart and only trade the cryptos you can build the strongest bullish case with the most confidence.
BUT–the best service we’ve provided this month is identifying BTC’s strength, altcoins weaknesses, and regular reminders for PATIENCE — There are going to be transitional months like this from time to time and traders need to learn not to chase or at least not to get in too deep when there’s nothing to chase (or high prob) ….patterns have been dead on so far (even with BTC’s high w/in $100 so far…) — hopefully they’ll clue us in on some high prob trades that are sure to be coming–possibly soon….
5 CHARTS – 4 Cryptos — MIXED SIGNALS
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