NOTE: Lots of notes between charts — be sure to review them.
We indicated the edge was with the bulls and that trend has continued — now as of the close today there is are multiple bullish set ups and SAFE add or new trade opportunities. We share STRAT below as a good example of a high prob set up that is worth watching as a “general market indicator” even if you don’t trade it.
BCH HAS THE BALL?
We’ve shared multiple bullish set ups for BCH and today price broke out again vs both BTC and USD — while BCH is the only exception we’ve seen in two years of an altcoin moving up strong while BTC dropped (happened during 2017 and BTC caught up quickly!) we think BCH is a solid indicator that altcoins are going to currently “in sync” with BTC — the difference this time around is some altcoins are much stronger than others.
XMR LEADING INDICATOR BEARISH?
XMR traders have to be frustrated — it’s underperforming all the major altcoins and as the chart below shows, is actually falling pretty hard vs BTC. This is where checking different TIME FRAMES can make all the difference because if you look at the daily chart over a longer time period, you can clearly see XMR is still in very bullish territory.
TAKEAWAY: You want a VERY strong bullish case if you’re trading altcoins vs BTC right now because it looks like some are going to seriously underperform. HOWEVER patterns support the bullish case for the altcoin market to have an edge for bulls as long as BTC remains bullish.
Of course this doesn’t mean you won’t lose money if you pick the wrong altcoin even if BTC moves to $12000 — do your homework and always trade safe!
MULTIPLE CHARTS — BULLISH TREND UNTIL IT’S NOT
NOTE: BTC and ETH charts are from yesterday as patterns continue to be very dialed in. Since $9500 BTC continues to hodl the edge is now to break $10,000 — however, we still have the XBT futures open Sunday night at 6 PM EST to keep an eye on as we have seen volatility kick in around that time.
BCH is leading the way but LTC is very bullish as well so see daily chart there and similar trades could be defined safely. Other alts worth watching (though not as bullish) are XRP and STR — they have bullish patterns but are lagging — let’s see if they join the party– DON’T ASSUME THEY WILL — THEY are rotating from coin to coin and you want extremely bullish set ups AND price/volume trend momentum with all new trades
PRIOR BCH SET UP from 4/27 ALSO SHOWN BELOW along with today’s update for reference
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