BitcoinLong
BTC swing trade sideways channel $8600-$8900 + more Alt-Season
A quick short term outlook. (Short term is always less reliable than long term analysis)
We broke out of our 6 month descending channel of sadness and looked like we were going to reach for the moon. The next major stop appeared to be $9500 but we failed to achieve it yet. We saw a sideways channel form 5 days ago and as soon as it was confirmed we fired off rode out a recent ascending trend line that started before the channel formed and ran for 5 days until it fought the top of channel, broke through it and then violently slammed back down to bottom of channel. This channel has more authority now, making it likely we range trade for a while. Channels like this often present an opportunity for swing trading, buy near bottom of channel, sell near top, wash and repeat. Reality is we may have enough steam to break through the top of channel and run up to test $9500 after we consolidate here but a little more channel range trading seems more probable. Another great opportunity when BTC is trading sideways is to trade Alt's, many times they run while BTC takes a breather.
There are a lot of alts that have run up a lot recently, 50% and 100% gains. There are still a lot of popular alt's that have not made that jump yet but likely will. Here is a list of alt's that I can remember pumping well last year. WTC, ELF, KNC, KMD, OMG & BTT. Many of these are just now showing a break out from their own descending channel and have the opportunity to go 4x - 10x gains just to catch back up to where they were last June. Obviously it would take a lot more for BTC to run up 10x making some of these pretty appealing but of course even higher risk.
The most important piece of advice I have for those who trade Alt's, the most important trading signal for any alt is the price of BTC. Do not TA and trade Alt's without TA'ing BTC as well and considering BTC price action in your Alt's TA.
This is not investment advice, DYOR
We broke out of our 6 month descending channel of sadness and looked like we were going to reach for the moon. The next major stop appeared to be $9500 but we failed to achieve it yet. We saw a sideways channel form 5 days ago and as soon as it was confirmed we fired off rode out a recent ascending trend line that started before the channel formed and ran for 5 days until it fought the top of channel, broke through it and then violently slammed back down to bottom of channel. This channel has more authority now, making it likely we range trade for a while. Channels like this often present an opportunity for swing trading, buy near bottom of channel, sell near top, wash and repeat. Reality is we may have enough steam to break through the top of channel and run up to test $9500 after we consolidate here but a little more channel range trading seems more probable. Another great opportunity when BTC is trading sideways is to trade Alt's, many times they run while BTC takes a breather.
There are a lot of alts that have run up a lot recently, 50% and 100% gains. There are still a lot of popular alt's that have not made that jump yet but likely will. Here is a list of alt's that I can remember pumping well last year. WTC, ELF, KNC, KMD, OMG & BTT. Many of these are just now showing a break out from their own descending channel and have the opportunity to go 4x - 10x gains just to catch back up to where they were last June. Obviously it would take a lot more for BTC to run up 10x making some of these pretty appealing but of course even higher risk.
The most important piece of advice I have for those who trade Alt's, the most important trading signal for any alt is the price of BTC. Do not TA and trade Alt's without TA'ing BTC as well and considering BTC price action in your Alt's TA.
This is not investment advice, DYOR
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