NOTE: We chose this month’s password for a reason — we’re guess you see why…..
If the move up from 9150-13500 for BTC was Bullish Wave 1, then Wave 2 is valid as long as BTC hodls it’s current low at 9150. Yesterday was a red down day for the large crypto market and today is starting off just as bearish. However, BTC, BCH, XMR and other key altcoins dropped with lower volume — on the other hand ETH, XRP and a other altcoins had slightly higher volume –so there are mixed signals there– but BTC is The King so that would continue to offer a slight edge to bulls.
WHAT TO LOOK FOR NOW
We anticipated this drop as we’ve noted over the last 2 days, even if the probabilities are correct and the bullish case has an edge — but now it’s time for the crypto market to step up and prove its bullishness—fortunately, from a SAFE trading standpoint we have a number of targets we can watch that will tell us if the bears have regained control:
- A Close below 10,000 for BTC.
- A drop (even intraday) below current lows at 9150 for BTC
- Large altcoins dropping below their prior lows (even intraday is mod prob bearish)
- A huge spike in volume and a red close for BTC and / or large altcoins
FOR THE BULLISH CASE
Watch for a LOWER LOW REVERSAL on the daily chart which means we would close above yesterday’s low — even better if we can do so with higher volume.
For now, no matter how if “feels”, the bullish case is very much in tact — that could change at the close today so have a defined trading plan to ENTER ST/IT trades AND to EXIT ST/IT trades as both could make sense today depending on price and volume action.
We’ll update with any news we think is worth sharing but for now the line in the sand is a BTC close <$10,000 today and if that happens the mod to high prob we see new lows for BTC tomorrow.
Whatever happens — Choose to STAY SAFE — too much upside in crypto to blow it all on this trade!
2 CHARTS — The King and The Least Important Altcoin – why is NXT green?
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