Dear Reader,
Bitcoin is the digital gold standard and all must follow its lead !
I often encounter TA & commentary which spreads misinformation about altcoins. It behooves me to reassure you that alts cannot be analyzed in isolation from bitcoin.
Please take a moment to review my chart, where random top altcoins overlay bitcoin (kids .. you can try this at home!):
1. When the price of bitcoin moves, the alts move with it and in the same general direction !
2. Every altcoin moves at a different velocity (rate), depending on fundamental and technical market factors. This is why you may find XRP printing green @ +20% and ETN doing so at +2% when BTC moves +5% (as a purely hypothetical example).
We can therefore deduce a possible (simplistic) strategy to make excellent profits from altcoins. Identify alts which have the greatest potential for growth and buy those using the price movements of BTCUSD.It's also helpful to note that unless you are a scalping ninja, using only 4 hour & daily charts will likely yield the most beneficial results.
Happy trading !
Bitcoin is the digital gold standard and all must follow its lead !
I often encounter TA & commentary which spreads misinformation about altcoins. It behooves me to reassure you that alts cannot be analyzed in isolation from bitcoin.
Please take a moment to review my chart, where random top altcoins overlay bitcoin (kids .. you can try this at home!):
1. When the price of bitcoin moves, the alts move with it and in the same general direction !
2. Every altcoin moves at a different velocity (rate), depending on fundamental and technical market factors. This is why you may find XRP printing green @ +20% and ETN doing so at +2% when BTC moves +5% (as a purely hypothetical example).
We can therefore deduce a possible (simplistic) strategy to make excellent profits from altcoins. Identify alts which have the greatest potential for growth and buy those using the price movements of BTCUSD.It's also helpful to note that unless you are a scalping ninja, using only 4 hour & daily charts will likely yield the most beneficial results.
Happy trading !