On today's issue I will focus on Altcoins as they are gaining strenght while $BTC is still on the 37-44K neutral range.
For now I continue holding my $BTC midterm position while doing trades on the 4hour chart for $BTC and Alts. However I am starting to enter midterm position in alts with a tight stop loss.
1. BTC Trend Update
2. Altcoin season, how to identify it
3. Alts with a promising chart
4. Alts that are lagging (bigger upside/risk)
5. Luna update
1. BTC Trend Update
$BTC still on the same trading range, but we are starting to see some positive trend signs. (i) It holding above the Rider Band (ii) Trend strenght flipped to slightly bullish and (iii) Money flow keeps curving upwards. I am still on my midterm long position and doing some lower timeframe trade.
For a real bullish break we need price above 44.6K.
2. Altcoin season, how to identify it There are 2 critical conditions that need to confirm for a powerful alt season.
A. BTC Dominance below Rider Band and ideally a bearish Rider Band.
B. BTC Price above 44.6K
Having only "A" confirmed is a good sign, but we are still in danger of a reversal if $BTC does not hold its ground. I already entered some position in alts with a clear stop loss as the dominance is going down.
3. Alts with a promising chart
Here I will use our Trend System, to identify what coins are close to flip bullish. Please monitor these coins closely during the week following our process.
$ADA, $ALGO, $CELO, $EGLD, $HTR, $QRDO, $SPELL, $WOO, $AAVE, $KSM
I am not investing in all of them as I had not time to research and learn what are they up to in terms of fundamentals and roadmap progress.
I specially like $ADA, $EGLD, and $AAVE, but please do your own research, if you find something interesting in their fundamentals let me know and i will take a look.
Find below $EGLD chart, all these coin's charts look very similar, in this case I would enter a position and set a stop loss right below the Rider Band upper limit. Or just follow the trend process if supertrend TR flips bullish.
4. Alts that are lagging.
For this I would look for
-Coins considerably below Rider Band
For now only $FTM, other coins already close the Rider Band (RB) GAP and are very close to RB lower limit.
However if you look at the weekly chart, lots of alts have a huge gap versus the Rider Band, but for those i would wait for a complete alt season ($BTC above 44k and BTC dominance below RB) no need to rush right now.
5. Luna update
All looks good with LUNA, All indicators are bullish and the RSI has cooled off, meaning that is ready for it's next move.
Having said that I already took partial profits when the "TP" signal appeared, but still holding 80% of my position (entry was at 60USD)
Also, i have my $LUNA earning a sweet 15% APY on Spectrum protcol
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