NOTE: Price action still supports a focus on BTC as market continues to move in response to BTC.
Short Term/ Intermediate Term trading – Sidelines is a fine place to be but the fact remains there are very clearly defines stop ranges that can be used as entries with very low risk — just know the probabiltiies for any ST/IT trade are moderate probability at best. Chart below shows VERY current set up.
Long Term — We still have weekly futures chart at bottom of oversold channel — this will move up at some point and is support for AT LEAST the LT bullish case for BTC.
OTHER FACTORS (not as important as BTC chart)
MAJOR ALTCOINS — Moving with BTC though EOS continues to hodl bullish pattern shown yesterday — if that breaks down and closes under $10 range = fiat for EOS and likely altcoin market ST and possibly IT is safest place to be until we see a new bullish set up.
NEWER ALTCOINS — In response to a special chart request, we show the chart basics of ONT below which is a recent ICO through the NEO platform and has had a very bullish chart (different from most large altcoins) — as you can see there are a number of red flags that say ONT can be traded safely using the channel shown, but highest prob would be to wait for a confirmed breakout with higher volume.
4 CHARTS — DEFINE ALL TRADES — VERY HIGH RISK SET UP IF WE BREAK SUPPORT
NOTE: BTC chart should start by saying — BTC did not make a “higher high” so far today…. Also note bull case needs to see price above $7000 (ideally $7250) today or probabilities become high prob for bears and stops should be tightended or ST/IT positions should be reduced/scaled out.
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