BTC Overview (Long and Short Term TA & Policy)
BTC ranged around $28,000 this week (3/20-3/26).
It continues to be a good time to trade aggressively as volatility is high and money is readily available in altcoins.
BTC Overview
↓ BTCUSD weekly candlestick chart
This week (3/20-3/26), BTC reached the horizontal box of resistance directly above, turned around, and ranged.
A little above the current price range is where the left side of the chart shows a series of wicks, and it looks as if it will take some time to cross over. Combined with the fact the price is at the $30,000 milestone, it seems it will be difficult to break through immediately.
Based on the resistance/support idea, for example, we may still see the possibility of a push to the recent support zone around $25,000 once and make a lower wick at the beginning of April’s monthly leg.
Also, recently, altcoins have not been following BTC’s rise at all, but rather have been slipping lower in tandem with BTC’s decline only. This has put altcoins, overall, at a low relative to BTC. Keep in mind the monthly update is near and there is a possibility of a move higher in the next week/month or so.
Once again, the rise in BTC has improved the overall sentiment in the cryptocurrency market, making it easier for altcoins to rise and trade. Once again, we were able to fight the battle to buy altcoins after BTC went up. As mentioned above, I don’t think altcoins have caught up to BTC’s rise yet, so I think there is a good chance of a rise for alts.
FR and other factors suggest the market is not yet overheated, and it looks good to stand long on altcoins for a while.
The tips for trading altcoins should be reiterated. The difficult thing about the current market is that not all altcoins are going up equally at the same time, so it is necessary to have the skill to screen stocks using (2), etc. However, it is a pattern-association game, so it is certainly easy to take advantage of once you get used to it. However, since it is a pattern-association game, it is certainly easy to get used to it. It is also impossible to take all the pumps, so take it easy when trading.
(1) Altcoins which have not been listed on Binance for a long time and have not been cleaned up too much.
(2) Altcoins in the same genre as altcoins showing a big rise in the recent past.
(3) Altcoins with high volume (if the tradeboard is too thin, stop orders are likely to be trimmed by the wicks)
(4) Position with the daily 200MA
(Altcoins are attracted to the 200MA and show a big rise when the price crosses the 200MA)
Be sure to trade with these four points in mind.