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The dust has settled and we can see a clear change of character on $BTC.
It is the first time since breaking its all time high that it is not able to reclaim these 4H moving averages quickly.
In my opinion this greatly increases the probability for further losses.
I started to derisk by moving 50% of the strategy to $USDT and am actively considering $PAXG for as long as $BTC does not show clear signs of a bottom or recovery.
PRONTOOOO?
Once again the strat is unattended while dumping
Today we witnessed the strongest sell-off on altcoins since April.
This is surprising considering that $BTC's drop 5 days ago left alts relatively unimpressed.
In bull runs pullbacks like this are not uncommon though they generally retrace quickly so the next days will be crucial to determine the short-term direction of the market.
I am concerned as it actually may be the beginning of a serious escalation. Hopefully I'm wrong and not an expert...
@HopefulFutures I am not an expert on this matter but looking at past occurences of situations like this, the impact should be rather short-lived as long as there is no serious escalation.
What's your view about it? Do you think what's happening warwise could affect such dynamics?
The picture looks similar on $OP where I would like to see a close above $2.25 or better yet above $2.4.
Otherwise, a range between $2 and $2.4 is the most likely outcome for now.
$MINA shot over the fib line and nearly touched another one, resetting the chart and opening the opportunity to build a base here that could be important for further upside.
For that to apply I would like to see a close above $0.78 on the weekly, ideally above $0.82.
If $MINA fails to do so ranging between 0.65-0.8 is the most likely outcome in my opinion.
Something most might miss is that $OP actually looks really really good on a higher time frame.
We have seen a clean series of higher lows and higher highs pointing to a bright picture for the future.
Once again the strat feels like it’s not followed daily and we lost all profits in one day
ALT SEASON
@MajoMusicmakin turns out we’re kind of skyrocketing so let’s hope this keeps going, I am glad to be proven wrong in cases like this
@mmmambocosmo I respectfully disagree with your assessment that the strategy is 'unattended'. $BTC is still in a clean up trend, $PYTH hasn't broken its lows so I would still consider it in a range. $OP which has broken the lows got swapped out with $AAVE which so far performed very well and had strong bounces after every low.
I can only reiterate that we are in a bull market until further notice and dips and corrections up to a certain degree are normal market behavior.