This is a time when managing risk is VITAL to your trading future.
Lots of info to review on charts so we?ll keep today?s write up simple:
- BTC was around $1000 during 2017 and after skyrocketing to $20,000 has now held the $6000 for A FULL YEAR. That?s a bullish long-term chart by any standard.
- ALTCOINS have similar meteoric increases from 2017.
- Now both BTC and ALTCOINS (most of them* – see note below) are at key levels testing 2018 lows – this creates a high probability of MORE VOLATILITY SOON.
- Last week?s move down with very high volume gives an edge to bears, but if we see a recovery, watch for a fast move higher with increasing volume.
- *- XRP, DOGE and ZRX are altcoins that are not in the same set up as most of the crypto market and are worth watching. Despite XRP being a top 5 altcoin, the highest probability for trading strategy is if BTC and ETH break down will be to ?drag? XRP and these other bullish altcoins down with them.
This is a time when managing risk is VITAL to your trading future. Review the charts and your trading strategy, make a plan, and execute it without hesitation?this is a perfect situation where you need to remember you can always reenter, because fast, large drops are possible.
4 CHARTS ? BTC IS KING BUT LTC HAS THE BALL
