NOTE: We tell subs all the time THEY KNOW THAT WE KNOW. Altcoins spiked after the close, right after they looked about as bearish as possible (ETC and BCH for example) — should you buy? sell? hodl?
tl:dr — RESPECT the power of BTC before you buy or even decide to hodl ANY altcoin.
Details (highly recommended reading)
The answer is -YOU NEED A PLAN. Here’s some tools to help you build one:
NEVER PANIC BUY OR SELL ––
Take a step back, check the charts, review your plan — is it a ST IT OR LT position. What would you tell someone else to do? REMAIN CALM– TRY NOT TO CHASE UNLESS YOU’RE SURE YOU’RE RIGHT (and you rarely will be chasing a trade so keep that in mind)
FIND A TREND AND/OR PATTERN AND DON’T FIGHT IT UNLESS YOU’RE SURE YOU’RE RIGHT
BTC is on a “parabolic pattern” with a target of $20,000. Does YOUR research say BTC going to $20,000? Should you be BUYING altcoins or SELLING?
A few specific examples:
ETC — Bullish LT chart but hammered last 2 days with BTC going up — Maybe you don’t sell here due to the spike but don’t enter till you have reason to believe BTC will stop going up because as of today that means ETC will go DOWN.
STR– has been stronger than most altcoins though not as strong as BTC last 2 days — the patterns show higher targets for STR so if your research supports it you could consider scaling in with a small position as BTC continues to go up because STR has proven some strength as BTC skrocketed.
Now this “find a trend or pattern and respect it” strategy will be WRONG at times, but it’s what probabilities say give you the best chance at LT trading profits — does your approach give you that edge?
BOTTOM LINE TAKEAWAY — Just because altcoins spiked after the close NOTHING HAS CHANGED — close is what matters (and in this market we’d like to see a follow through day too)–
for now it’s BTC UP/ ALTCOINS DOWN (except for NXT and possibly STR and XMR which coincidentally have all been successful trades during our free trial!
Make sense? If not write us at firstname.lastname@example.org with questions
2 CHARTS — SHOULD YOU BUY XRP NOW? Only you can decide but there’s a bullish case to be made even vs the mighty BTC….
Note: We can make a bullish case to buy nearly every large altcoin but only XRP has a BIG MOVE WITH VOLUME, higher targets to justify the risk as well as a bullish pattern so you can trade safely. You trade at your own risk but with a good plan you can focus on trades where you have an edge
This site is for educational and entertainment purposes only and not in any way intended to be investment or trading advice. You are 100% responsible for your financial decisions at all times. It is highly recommended you DO NOT make any investment or trading decisions depending upon what you read on this blog/newsletter! All information presented (c) 2017 JBP cons, inc. All rights reserved.