6 Altcoins That Are Currently Making Me Avoid BTC

Since publishing the final buying and selling journal two weeks in the past, I’ve made quite a few altcoin trades however not a single Bitcoin (BTC) commerce aside from closing my lengthy from $6,900 in segments between $7,550 and $7,700. At present, I’m buying and selling Matic Community (MATIC), WePower (WPR), Zilliqa (ZIL), Verge (XVG), Fantom (FTM) and ChainLink (LINK). Within the final journal, I detailed a 2% positional loss on my REN commerce which had an entry at .00000603 Satoshis (sats) and closed at .00000590 (sats).

I made a 14% achieve buying and selling DOCK, 32% on Concord (ONE), 39% on Fetch.AI (FET), and I closed the final portion of my VET commerce for over 100%. I also needs to point out that I broke even on my ArpaChain (ARPA) commerce as I used to be stopped out at entry. For sure, it’s been an unimaginable two weeks of buying and selling!

Closing the Bitcoin place

BTC/USD month-to-month chart. Supply: TradingView

I had been centered on Bitcoin’s month-to-month chart and hoped for a detailed above the important thing $7,777 help to sign that additional value appreciation was probably. That is the place I closed a lot of my place from $6,900.

It was to not be, though value did handle to interrupt the road briefly on smaller time frames. The month-to-month candle closed at roughly $7,550, which is the place I exited the rest of the place as I seen the shut under $7,777 as a help break.

For now, I will probably be watching the aforementioned degree to see if it flips to help and I can even watch the decrease degree at $6,540 to see if it holds as help. This is able to be quite simple from a macro perspective. My determination to shut the commerce at a mean value of $7,625 secured a 10.5% achieve on the place.

MATIC/BTC

Entry: .00000348 (sats)

Targets: .00000447 (sats), .00000573 (sats)

Cease loss: .00000336 (sats) 

Threat / reward: Goal 1 = eight.25, Goal 2 = 18.75

Entry Concept

I’ve been watching MATIC ascend for weeks, lacking a number of entries by just a few sats at every degree of help. Whereas the preliminary thought is posted under, I missed entries at each .00000212 (sats) and .00000279 (sats).

My late entry was dangerous as the value had already gone parabolic, however I used to be prepared to take a place in case the value continued to all-time highs. I entered on the retest of resistance as help at .00000348 (sats).

MATIC/BTC daily chart. Source: TradingViewMATIC/BTC every day chart. Supply: TradingView

How did it work out?

MATIC/BTC daily chart. Source: TradingView

MATIC/BTC every day chart. Supply: TradingView

I closed nearly all of the place at .00000460 (sats) for a 32.1% achieve. I left the rest of the place in play simply in case Matic takes a shot on the all-time excessive and probably past.

LINK/USD

LINK/USD Daily Chart. Source: TradingView

LINK/USD Each day Chart. Supply: TradingView

This tweet marks the start of an extended thread of study on LINK versus USD. This was one of many clearest quick setups that I’ve seen in a very long time, which has adopted by near the evaluation that I supplied.

I would not have the power to quick altcoins, so this isn’t a commerce that I used to be in a position to take. Nevertheless, the value lastly reached the underside of the anticipated transfer, so I purchased LINK on the lookout for the value to understand.

ZIL/BTC

ZIL/BTC Daily Chart. Source: TradingView

ZIL/BTC Each day Chart. Supply: TradingView

This can be a quite simple setup that I intend to observe to find out my exit factors, though the black strains on the chart under are stable reference factors. I entered at .00000075 (sats) on the break of the most important descending line, which indicators a break of the downtrend that ZIL has been experiencing for all of 2019.

When the flip of the .00000078 (sats) help occurred this was the primary signal that I used to be on the lookout for and a inexperienced gentle that additional value appreciation may happen. For that reason, I entered a place and can element the outcomes of the commerce in my subsequent journal entry.

The views and opinions expressed listed below are solely these of the (@scottmelker) and don’t essentially mirror the views of Cointelegraph. Each funding and buying and selling transfer includes threat. You must conduct your personal analysis when making a call.

window.fbAsyncInit = function () ; (function (d, s, id) (document, ‘script’, ‘facebook-jssdk’)); !function (f, b, e, v, n, t, s) (window, document, ‘script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq(‘init’, ‘1922752334671725’); fbq(‘track’, ‘PageView’);

Source link