This is my first of many opinions I will be posting on the cryptocurrency market. If you would like to skip to the analysis start at the next paragraph, because I want to give a brief introduction of myself. I am a 21 year old trader, who manages portfolios for the LLC I work for. We then use the profits to purchase real estate, or if we like our holdings we will continue trading. We had a lot of success trading alts and ETH during the frenzy of late December. We also did a nice job of timing our exits. We were up 300% before reducing our portfolio size for a real estate deal. I use a variety of techniques including trend analysis, indicators, and my two personal favorites the Ichimoku & Fib retracement. If you would like to learn more, or would like our private alt picks for the year feel free to message me.
Let's get to it. Looking at the 4H chart I see some obvious resistance at the latest high $11,775, and the more round number of $12,000. I would like to point out that our 0.382 Fib and the Ichimoku support have converged around $9,500. I believe that now that $10,000 has been broken today, that we will see some short term bounces today and into tomorrow, prior to continuing our downtrend. I will scale in small positions around the 0.382 Fib level when we reach there, however I also believe this to be a short term bounce. I see the 0.618 fib being the right entry for myself. Anything in the green rectangle is an immediate buy, and anything inside the blue is a short term trade, whether a few minutes to an hour.
I would love to see OBV pick up in a big way in the green rectangle for confirmation, because I believe we are cooling off for an incredible bull run in 2018. I would watch out for LTC as well, I think if you are looking for the highest return % with low capital, that is you best bet.
ZV
Let's get to it. Looking at the 4H chart I see some obvious resistance at the latest high $11,775, and the more round number of $12,000. I would like to point out that our 0.382 Fib and the Ichimoku support have converged around $9,500. I believe that now that $10,000 has been broken today, that we will see some short term bounces today and into tomorrow, prior to continuing our downtrend. I will scale in small positions around the 0.382 Fib level when we reach there, however I also believe this to be a short term bounce. I see the 0.618 fib being the right entry for myself. Anything in the green rectangle is an immediate buy, and anything inside the blue is a short term trade, whether a few minutes to an hour.
I would love to see OBV pick up in a big way in the green rectangle for confirmation, because I believe we are cooling off for an incredible bull run in 2018. I would watch out for LTC as well, I think if you are looking for the highest return % with low capital, that is you best bet.
ZV
Comment:
I think we have found some support, but the selling continues in the early morning. Similar to the activity today.