If you have been following my TA, you know I have a stronger bearish Bias on BTC (and through extension all the alts) until we have hit a bottom with capitulation. And while it is possible we have hit that bottom (not likely IMO), checking out coins like SALT really makes me want to start seriously stacking up on alt bags again. The whole chart looks like a massive falling wedge, with it's bottom being hit 3-4 days ago. The same pattern appears in other coins, like BTG. Personally, I like the odds of at least a decent bounce up on both of these. Very easy trade IMO, easy SL and targets. Will update as it progresses.
Trade active:
There is nothing really to update. Which is the exact reason for this update! As long as BTC will keep moving sideways, SALT and many other alts will essentially bottom out in a long accumulation floor. Know some alts who have pumped to insane levels after being sideways under 50 sats for months on end? One of the reason for that sideways movement was parallel movement from BTC. Meaning no impulse from the king of alts to either pump nor dump.
I am closely following BTC these days and wherever I see alts which seem to have bottomed out, I start to slowly fill some bags.
I am closely following BTC these days and wherever I see alts which seem to have bottomed out, I start to slowly fill some bags.
Trade closed: stop reached:
With BTC's plunge well under 7k, many alts took a hit and went below their previous support accumulation area. My stop for SALT got triggered. Will wait to see where BTC finds a bottom before refilling any bags of alts