This is linked to my original idea but did not act. So this is my plan of action. I am still currently in a short trade, Spot long. What changed my bias was the daily close above the 21 EMA, bounce off the top ranged of my long term support from my previous Idea(around 0.016 ish) My main concern is no volume but I feel like everyone thinks alt season is dead...
huge market cycle fractical? looks scary the same... and I know this is hopium but dang it would be nice. I'm largely invested in low cap alts in the security token sector, primed for a break out(huge accumulation) been holding against Eth for a long time. If this eth/btc chart plays out like 2017 (or even less than) and the alts do what I think they are going to...
BTFD on low leverage with spare btc for long holds and buy/sell alts when appropriate. Also pay attention to buy signals(20 or 90 RSI) and weekly/daily MAs
My magic purple lines shall in-trap the price action. This is WAAAAY beyond technical analysis!
Over bought on daily RSI, World/USA finance fundamentals, good retrace from lows to strong resistance line. was expecting a breakdown at 200 day so i think it is over extended at this point. expecting a similar market to 2008 plan: look for a entry intra day when at resistance, might wick above so watch closely and be patient. -possibly take 25-50%% profits at...
Best case scenario based on previous price action
Facts supporting bottom is not in: -No true Capitulation -Volume profile matches previous bear market just before capitulation Facts supporting bottom is in: - 200 week MA same as last bottom - already longest bear market yet Personal view is that my previous bias that the bottom was in is no longer my view. I have to weigh the volume profile stronger...
strong view on market conditions were correct, many mistakes made. lets not repeat them.
Looking like bottom is in looking to hold S at $19 and 50 day MA and holding above 50RSI. Stock has good swings and its interest in blockchain/Tzero news could introduce hype over the next year or 2. good R/R If I get a good intra day entry around 19 would reduce risk greatly(higher stop) at this point looking for a wick down to 19 and to maintain trend
shorting with tight mental stop watch for it to go against you. need room for big wicks stilll bear trend, lots of similarities to last bubble either double bottom on 200week or we go to 1600ish (that would fit the capitulation) PLAN: buy back short on strong support and add on good pullbacks(aggressive but dont forget to be patient) -start out at as a few week...
wait for pullback/ hold support on the daily.btc and eth bullish atm, with other alts starting to pop.
Good market momentom play. other alts starting to pop. i like the retest and buy support on daily support line