The highest probability path for BTC and the crypto market continues to play out which is LOWER PRICES as detailed in yesterday?s post. If you?re not selling the market short (we showed several trades), then the highest probability trade is sitting on the sidelines waiting for a clear bullish set up which should include:
BTC clearly above $3500 (or look to buy at much lower prices)
We?re adding today?s post because there are other charts with indicators to add to your trading strategy ? specificially:
1) XBT BITCOIN FUTURES ? has been ?the King? of the crypto market for the last year ? chart says it all ? if you?re buying here you?re gambling.
2) XLM ? showing a sneak preview for the rest of the market? The last 3 years of trading say YES ? but with volume so low and prices moving this slowly ? we?ll assess the market following XLM as moderate prob ? if BTC and altcoins are going to break down like XLM then the drop should pick up steam (and volume) soon as traders realize we?re not recovering key price levels.
3) XRP – usually moves in sync with XLM, though it has been far more bullish the last few months. Now XRP is at the edge of the cliff XLM has dropped off of. XRP is important here as XRP is closely watched by large and small traders and usually heavily traded (watch for volume spike as confirmation of real move if price goes lower).
FINAL NOTE: This is not typical price action to see cryptos breaking support and just creep down a few pennies at a time ? that could mean SOMETHING including being bullish. If so, should see SHARP reversal ? maybe on a news announcement?however, that?s not SAFE trading to front run hoping for news?.we can look to join the party above $3500?
Whatever the case, patterns say the slow motion market won?t last so have a trading (selling) strategy clearly defined and ready to go.
