ROTATION price action continues but large alts now appear to be getting in the game — BTC futures say we need some strong upside SOON or we’ll see another pullback (or worse).
Charts and all the details below:
Once again yesterday we saw a sharp drop that did not follow through to lower prices, and now BTC has recovered to prices above $8000 with altcoins continuing to look bullish– at least short term. XBT futures chart below shows THEY continue to play games and time for this move up (for BTC at least) is running short.
One change we’re seeing in price action today is more bullish behavior among the larger altcoins (joining STR which we shared as bullish days ago), which could create SAFE trade opportunities. We show you the set up for ZEC below but there are other large altcoins with the same set up – here are 3 examples:
So similar trade set ups could be applied — any questions write us at email@example.com
One coin that is NOT showing the same bullish set up is LTC (chart not shown) that was more bullish yesterday but is lagging today — we don’t see this as a red flag for LTC but rather think this supports the current “ROTATION” in and out of cryptos.
SEE BTC and LARGE ALTCOIN CHARTS BELOW
SMALL ALTCOINS — SAFE TRADING STILL APPLIES!
One of the many small altcoins we’ve shared as tradeable has a particularly bullish set up today LBC which has broken out with volume and is on DAY 2 of a lower low reversal pattern which is moderate to high prob for more upside:
Of course, if you didn’t enter LBC when we mentioned it days ago you can enter a safe trade now, but there’s a bigger message to keep in mind:
Most of the small altcoins we’ve covered in recent posts are higher (some way higher like GNT), but every day for the last several days certain altcoins are spiking much higher.
It’s easy to want to chase the BIG movers, (or get frustrated when your current trades are up “only 5%”!!) but we encourage you to stick to good fundamentals of finding a clear bullish set up with a tradeable pattern and ideally, some sort of trade history to increase probabilities of hitting targets.
The last 3 months should have also proven to you that LOWERING EXPECTATIONS FOR RETURNS ON EACH TRADE is also an excellent trade strategy!
THEY want you to chase — it rarely ends profitably — The takeaway is to DEFINE YOUR TRADES — do your homework and only enter (and exit) trades where you have 100% confidence — that’s far more profitable for safe profitable trading long term.
3 MORE CHARTS — TIME FOR THE BIG ALTS TO MOVE UP? Looks like breakouts but CLOSE IS WHAT MATTERS
(so consider waiting for trades entries or scale in additions till close 8 PM EST)
NOTE: As always — keep an eye on XMR — a strong move up could be a leading indicator for much bigger moves for large alts and possibly entire crypto market — OR NOT.
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