When things are not so clear I like to zoom out to see from a broader perspective.
As mentioned since months ago that I think the most likely scenarios for Bitcoin was to go sideways. A few BTC trades were given to you during this consolidation, with a couple hit SL, 1 hit target, 1 still running. Basically, tiny losses from trading Bitcoin (which I consider pretty good results considering how choppy Bitcoin movements were)
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Focus on ALTS
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Regardless, as I said repeatedly, there is no point trying to force yourself into a market that provides little clue as which direction it will go. Instead, I have been focusing on alts as mentioned numerous times since more than a month ago, with some decent gains on VET (positions closed) and XLM (still running), and even for XRP which has been a serious lagger is currently running on 30% gains, and also other alts like BTS, ONT, IOTA, XTZ etc.
Alts are definitely the markets that are providing and have been providing the better gains since months ago. So, let’s talk about the ALTS market in this article by looking at the TOTAL2 chart.
As you can see from the above chart, I think the entire alts market is in an accumulation stage, because:
1. Price went sideways for 2 years after broke below Apr 18 low (price going sideways for a period of time after breaking below the recent key structure is normally a bullish sign)
2. Tested Apr 18 low twice (previous support turned into resistance)
3. Tested Good support 3x times ($50 Billion) - together with point 2, means the market is matured enough to do a breakout (only a possibility)
4. Mar 20 low broke below previous recent low - (which means there are enough sell orders to match the big players’s buy orders)
5. Price has been steadily on a rise since Mar 20 (Trend does not normally end in steadily rise, it ends in parabolic & excitement)
One example:
6. Similar to BTC in 2015
For the above reasons, I think alts are more likely in an accumulation phase. But remember, this is a long-term game. It can def do some pullbacks first before a decent bull run. However, it does not mean that it will def give a pullback for those who are still hoping for price to go back down again.
Am I worried if the price drops again? Not really, I have been dollar cost averaging (DCA) and been buying the low and selling the high (same way as when I told you to buy Bitcoin at $3,500 and sell at $13,800).
Trade Safe and please Do Your Own Research
As mentioned since months ago that I think the most likely scenarios for Bitcoin was to go sideways. A few BTC trades were given to you during this consolidation, with a couple hit SL, 1 hit target, 1 still running. Basically, tiny losses from trading Bitcoin (which I consider pretty good results considering how choppy Bitcoin movements were)
~~~~~~~~~~~~
Focus on ALTS
~~~~~~~~~~~~
Regardless, as I said repeatedly, there is no point trying to force yourself into a market that provides little clue as which direction it will go. Instead, I have been focusing on alts as mentioned numerous times since more than a month ago, with some decent gains on VET (positions closed) and XLM (still running), and even for XRP which has been a serious lagger is currently running on 30% gains, and also other alts like BTS, ONT, IOTA, XTZ etc.
Alts are definitely the markets that are providing and have been providing the better gains since months ago. So, let’s talk about the ALTS market in this article by looking at the TOTAL2 chart.
As you can see from the above chart, I think the entire alts market is in an accumulation stage, because:
1. Price went sideways for 2 years after broke below Apr 18 low (price going sideways for a period of time after breaking below the recent key structure is normally a bullish sign)
2. Tested Apr 18 low twice (previous support turned into resistance)
3. Tested Good support 3x times ($50 Billion) - together with point 2, means the market is matured enough to do a breakout (only a possibility)
4. Mar 20 low broke below previous recent low - (which means there are enough sell orders to match the big players’s buy orders)
5. Price has been steadily on a rise since Mar 20 (Trend does not normally end in steadily rise, it ends in parabolic & excitement)
One example:
For the above reasons, I think alts are more likely in an accumulation phase. But remember, this is a long-term game. It can def do some pullbacks first before a decent bull run. However, it does not mean that it will def give a pullback for those who are still hoping for price to go back down again.
Am I worried if the price drops again? Not really, I have been dollar cost averaging (DCA) and been buying the low and selling the high (same way as when I told you to buy Bitcoin at $3,500 and sell at $13,800).
Trade Safe and please Do Your Own Research