wow! I write this after a big correction in cryptocurrencies. Bitcoin back to 17K
However, I will start by telling you that the only thing that has happened is that we were rejected at macro resistance and now we are back at macro support, pure volatility fueled by the Binance and FTX drama. Tried to warn you (and our indicatos also did with a clear Take profit on the $BTC daily chart) -Last newsletter we warned about being patient and waiting for the Macros models to confirm a change in trend. -Warned on our discord 2 days before the dump started.
---------------------------------------------------------- Important News: - Added Divider Band to Trend Rider Algo #2, make sure to update your indicator. - Will be releasing an update of our Visual Guide this week. - Next we will work on updating our site learning written material (and videos next)
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So what now? We follow the process and signals as ALWAYS, focusing on the facts.
FACTS
Bitcoin is still on a bearish Macro Trend (since January)
Gap between band and price narrowing
Bitcoin is back to it's High Risk/Reward zone, which has acted as support since June.
Right now is only worth be bearish if it closes below red zone.
Nasdaq still holding the 10.7-11K support.
BTC 1W Chart
So what to do?
For BTC spot positions, red zone is a good level to buy back again but I would wait for a bullish orange M on the 1D chart or a bounce signal.
Tons of opportunities on lower ti
meframes, been trading with great results our RSI limit break pattern on the 15M chart, even on this recent correction! (trades shared on discord and twitter)
For Altcoins, right now I would wait for $Bitcoin to show some strength or trade on lower timeframe following our trading processes. I would only buy at spot if an alt reached a clear macro support again.
If we close below red zone then we go full bear mode, as said above not worth being a bear right now.
ATTENTION: It is very important that you understand that the gap beween price and WEEKLY band is narrowing, so A big move is coming soon, purely techincal approach the move has higher chances to be to the downside as trend is bearish, so if you want a conservative approach or low risk, just WAIT to see what happens. Sometimes waiting is the most difficult thing.
SO DON'T PANIC, stay level headed, map your key macro support for alts on your chart and follow the process.
