If you´re looking to play something that could perform if BTC gives some relief, heres a contender.
1. Took out the double lows at $13.14, wicked deep below and still managed to close the daily above, establishing a SFP. (Daily chart pictured below)
2. The double lows at $13.14 were also the November highs, acting as a S/R retest. (pictured below)
3. Corrected 40% this month, still 36% below highs.
4. Gave one of the strongest reactions among ALTS on todays BTCs low.
I will play this a range and take profits quickly at the mid levels and top of the range. Lose where we are now at the bottom of the range and i cut it.
The safer thing would probably be to wait for the second SFP on the daily before longing this tbh.
1. Took out the double lows at $13.14, wicked deep below and still managed to close the daily above, establishing a SFP. (Daily chart pictured below)
2. The double lows at $13.14 were also the November highs, acting as a S/R retest. (pictured below)
3. Corrected 40% this month, still 36% below highs.
4. Gave one of the strongest reactions among ALTS on todays BTCs low.
I will play this a range and take profits quickly at the mid levels and top of the range. Lose where we are now at the bottom of the range and i cut it.
The safer thing would probably be to wait for the second SFP on the daily before longing this tbh.
Comment:
Side by side of several assets the last few hours. The ones with the strongest bid off BTC lows tend to perform better if BTC volatility eases. Catch those.