Important Crypto Reminders
Here are some things we’re focused on based upon the current setupIMPORTANT REMINDERS Here are some things we’re focused on based upon the current setup:
- BTC hovered in the $6000 range for MONTHS, then dropped nearly 50% — we’re now consolidating in the mid $3000 level without much range. That’s NOT bullish.
- EDGE IS STILL WITH THE BEARS — UNTIL IT’S NOT. During 2017, things looked incredibly bearish at the start of bull moves — 2018 has been a completely different market, but it’s still worth keeping in mind bull moves usually start from failed bearish patterns.
- ETH is still worthy of serious attention. The chart below shows a short term bearish pattern in the middle of a much larger bearish pattern. Other large altcoins like XLM (chart not shown) are currently more bullish. With all the traders and developers that follow ETH, we think ETH’s setups need to be considered as part of trading strategies.
- We’re watching for altcoins set ups like FCT and BSV that we shared in recent weeks that can lead to BIG MOVES as these sorts of moves show up in the crypto market during even the most bearish cycles. As of now there are cryptos that are showing signs but none that are high prob (ETC and XLM are examples we’re watching closely—there are more) A short term return that justifies the risk is necessary in the current, very sketchy crypto market.
FINAL NOTE: BTC chart (not shown) shows same set up as ETH meaning yesterday’s low is high probability to be retested — IT DOES NOT HAVE TO BE and there are other large altcoins that do not have this pattern, but trading against BTC and ETH without an amazing setup with minimal risk does not offer a trading edge at this time (or any time that we’re aware of to date!).
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