I expect BTC to go sideways here while many alts pump 1 after 1
Here is how to use Technical Analysis to trade the current crypto market 👇🏽
Firstly read my Technical Analysis guides in my pinned Tweet if you haven't. You will need the basic knowledge to understand this thread.
Currently majority of the altcoins are not attractive to trade as orderbooks are thin and liquidity is close to 0.
Ideally you want to catch and trade outliers like DOGE that have massive influx of volume of liquidity or at least guess where the moneyflow is going to go next
I will show you how you can use 1W SMMA 7 to asses where an altcoin is and if it can provide a good short term trade.
Currently most of altcoins are in one of these stages:
1) Had a small bounce but new lows consistently
Verdict: we have no interest in buying and longing these but might provide nice shorting opportunities if pumps happen
2) Held lows, long consolidation. 1W 7 SMMA flat and price trading around it
Verdict: Will likely pump to 1D 200 MA. Possibly good trading opportunity
3) Held lows, few weeks long consolidation. Haven't grabbed liquidity from upside yet (haven't pumped and had a wick the one in point 1) ) Big % gap to 1W 7 SMMA from current price.
Verdict: Can provide a nice short term scalp up to around 1W 7 SMMA
I hope this short post was useful. Market update coming up and I'm going to post my fav setups over the next days 🚀
Follow @MacnBTCThis post is based on this twitter thread.