Last week I mentioned that BTC was likely to drop between $8000 - 7800.
We've had a few failed bounces with bear flags forming on various timeframes.
Additionally, BTC has been incredibly choppy which, to me, is a "No Trade Zone".
Things to keep note of:
- The 618 Fib Retracement aligns perfectly around the $7850 price.
- News over the last week has been overall Bullish
- Upbit Exchange was cleared of the FUD
However, IF BTC breaks $7800, I'll be Tethering since there is no real support for it until the mid $6k range.
About the Altcoins
For the alts that I am in I'll be starting to scale into a few of them. QLC, ADA, AMB, OST
The method I'll be using is as such:
- Measure the % movement of BTC from it's current position to $7800.
- Measure that same % into the alt of my choice.
- Make sure it aligns with a solid support level.
- Adjust the buy order as needed around that area.
I've never done this method before but I want to see if it'll work.
My Alts that I am holding and just adding into are VEN, WAN, ICX, ONT. (These haven't been bleeding as badly and since I 100% believe in these projects I am just holding.)
We've had a few failed bounces with bear flags forming on various timeframes.
Additionally, BTC has been incredibly choppy which, to me, is a "No Trade Zone".
Things to keep note of:
- The 618 Fib Retracement aligns perfectly around the $7850 price.
- News over the last week has been overall Bullish
- Upbit Exchange was cleared of the FUD
However, IF BTC breaks $7800, I'll be Tethering since there is no real support for it until the mid $6k range.
About the Altcoins
For the alts that I am in I'll be starting to scale into a few of them. QLC, ADA, AMB, OST
The method I'll be using is as such:
- Measure the % movement of BTC from it's current position to $7800.
- Measure that same % into the alt of my choice.
- Make sure it aligns with a solid support level.
- Adjust the buy order as needed around that area.
I've never done this method before but I want to see if it'll work.
My Alts that I am holding and just adding into are VEN, WAN, ICX, ONT. (These haven't been bleeding as badly and since I 100% believe in these projects I am just holding.)
Comment:
If BTC does break below $7800 I will be liquidating all positions for Tether. Not just my BTC. There's a time when you just have to cut your losses.
Comment:
However, I do expect a bounce at $7800 or above that.