Updated: Apr 4, 2022
What a spectacular week we had, almost every coin we talk about the last week had a very important pump.
In this issue I will focus on:
1.Bitcoin Trading Range Update:
2. Bitcoin Weekly close
3. Altseason update
4. Alts on my radar
1.Bitcoin Trading Range Update: As expected, multiple fakeouts as $BTC was overbought, but the Bullish Rider Band and the channel lower limit supported $BTC beautifully. The good news is that it is not overbought anymore, meaning there is room to grow during the week.
Regarding my midterm trade (opened at 44K, added at 42 and 37K) It's still open, no major profits taken so far.
If $BTC goes below 44.5K, most probably will be a wick or for a very short time so I would buy the dip.
Following our Trend process by the book here.
Indicators used: Trend Rider Algo #1, TR Fib perspective, Trend Oscillator.
2. Bitcoin Weekly close: we just had a very bullish close, with a full body candle above Rider Band, if we get one more this week it would be the confirmations it needs for a big move upwards the following months. It would be even better if we get a bullish Trend hunter circle above the candle.
Indicators used: Trend Rider Algo #1 (Rider Band, Trend Hunter and Trend Strenght)
3. Altseason update: So previously we said that we need 2 things for Altseason:
BTC Dominance below Rider Band (ideally below 42%)
Bitcoin above 45K
So yes, we are on #altseason right now, as long as those 2 factors remain active.
Overall we will use the BTC dominance chart and our support and resistance lines to detect if Altcoins are overbought and or facing a possible short term correction.
Right now BTC dominance is oversold and right at support, so still expecting some ups and downs with alts. Won't close positions entirely, just follow our take profits process.
If BTC dominance goes below support, 41.5%, we will see a massive second push for alts, BE READY.
Indicators used: Trend Rider Algo #1 (support and Res. lines), Trend Oscillator.
4. Alts on my radar
As said above, BTC dominance is at support, so gotta be careful right now, will focus on the coins with a low RSI and money flow bending upwards (money incoming).
SYS, ADA, CRO, EGLD, FTT, MATIC, XRP, CHZ, KDA, WOO, HTR.
Low leverage, stop loss below Rider Band.
$SYS example below.
Indicators used: Trend Rider Algo#1, Trend Oscillator
Have a great week!
Walter - Trend Riders