Hi Riders, last week we had some ups and downs on $BTC and a small correcction on #Alts but nothing significative.
Most Trend Indicators remain bearish on $BTC HOWEVER there are some important Bullish Divergences appearing on multiple charts with usually indicates at least a relief rally.
BTC Trend Update
Possible Bottom escenarios
Alts that have my attention
1.BTC Trend Update
Facts:
All indicators remain bearish.
BTC still on the downtrend channel
Bullish divergence signal pending confirmation. (already confirmed on regular candles)
No bullish dot yet.
Conclussion:
We are still on a danger zone (below 41.5K). Some possible actions here are:
Only lower timeframe trades on $BTC and #Alts with agressive profit taking and stop loss. (our reversal and divergence signals are very powerful on this phase)
DCA progressively on $BTC.
OR Just wait for trend reversal.
Seems like a potential bounce is on the works, a bullish dot will confirm it. I opened a long with a stop loss right below the candle wick, will increase ammount if a bullish circle confirms.
Biggest resistance for a bounce is the Rider Band (41-41.9K).
2. Possible Bottoms Scenarios:
It is always important to understand the big picture. $BTC can go as low as 21.4K and still be bullish on the long term. It does not mean that it will happen necessarily, however it is always possible, that is why we have a clear strategy when we are on the danger zone (below 41.5K), this way we protect our capital, benefit from the ups and downs and have cash ready to buy the right dips.
3. Alts that have my attention
For this I am looking for #alts with the following criteria:
Close to support
We have 3 different types of support on our Trend Rider Algo #1 indicator.
Bullish dot
Bull Div. signal
Ideally a "Potential Reversal" signal
Here you will some examples that will help you identify similar patterns on other coins.
Image: How to active all 3 types of support/res sub indicators.
$SOL
Bullish Divergence on the Regular Daily Candle charts
Trend Support on the daily heikin ashi candles is at 98, so we are close.
recommend to wait for bullish circle confirmation on the oscillator.
Stop loss: 94 USD.
$EGLD
At support
Bullish Divergence on the regular candles
recommend to wait for bullish circle confirmation on the oscillator.
$ZIL
Came back all the way back to support.
Wait for a bullish circel or divergence.
