With bitcoin finally seeing some pullback at the moment we will start to see money flow back into alts. Im looking for EVX to break its local trend and test its 4hr valley which is what all alts are currently doing. What i like about EVX is that it has already done this once and is on track to repeat this move for the second time. This makes me believe EVX will test a higher valley before other alts. I will still look to short the 10698 level and look for reentry before it makes its next move to the 12hr 12307 level.
Comment:
Decided to stay in trade and not sell yet because its still closing above its 9400 hold level and laddering up. Still looking for it to break trend and test its 4hr valley again. Im setting a price alert just under the 9400 hold level, if EVX goes below that and targets its leg at 9268 i will look to get out of trade and possible re enter off of its long term uptrend around 9000.
Comment:
Im also keeping an eye on bitcoin as well. Currently its holding a pretty aggressive uptrend at the moment which is causing many altcoins to freeze. Im looking for BTC to fail its current uptrend and stabilize around the 6500 area. This will cause a lot of money to go back into altcoins to help boost them to higher levels.
Trade closed: stop reached:
Stopped out at hour leg 9268. Going to wait to see what bitcoin does before i decide if i re enter or not