Hi Riders, last week we had very little price action due to holidays.
This week BTC price is still below Daily and Weekly Rider Band, suggesting that the bears have the upper hand, however as always we are on the hunt for potential reversal signals.
At the same time, lots of Altcoins are testing our Trend Signals ind. support (even NASDAQ is at trend support), giving us good risk/reward entries.
This week:
BTC Trend update
BTC Dominance update
Alts at support
1.BTC Trend Update - Daily Chart
Facts:
Price Below Rider Band
Most Trend Indicators Bearish
Price inside blue channel (downtrend channel)
TR Sentiment is neutral
Bullish momentum dot confirmed
Conclusion:
Right now we are in the middle of a bounce, following the bullish dot, with buy signals on lower timeframes already.
However as now, we are still below Rider Band so only lower timeframe trades for now (1h, 4hour chart) with a clear stop loss and agressive profit taking until $BTC goes back above 47K or at least above Rider Band (42.3K).
If we keep going down watch the TR sentiment indicator for mid and extreme levels (good opportuinity to DCA)
2.BTC Dominance Update - Daily Chart
BTC dominance serves as reference as when the Altcoins are a "safer bet" versus Bitcoin. (Lower BTC Dominance => Bullish Alts)
I was very vocal about the BTC D. 41.5% support + Oversold combination, telling you guys to stay away from alts unless support is broken to protect capital. Dominance is still around the same level, however is not oversold anymore giving Alts more room for volatility. (specially the ones at support) so I will star entering trades on #alts on lower timeframes.
3. Alts at support
Altcoins close to support represent a good risk/reward trading opportunity , as long as $BTC is not rejected again from Rider Band.
Seek for a similar structure than the Image below
Price above and very close to Trend Signals Ind. Support. (orange line)
If you find a coin like $NEAR that is testing RB upper limit support is valid too, but more risky as $BTC is currently below RB.
Bullish dot , bull div signal or ideally a "Potential Reversal" signal.
If those conditions are met, you could try entering a position with a stop loss below the orange line. Or enter positions on the same coins on lower timeframes and follow our Trend System Process (check tutorials)
Will share more examples on tomorrow's crypto tracker issue.
