First of all I want to say I'm pretty happy with my ALTS at the moment. They all did a move up in the past 24hrs. The question is now should I hold or short. The recent recovery looks, to me personally, a bit too good to be true. Bull trap??? Although... The recent BTC dip dipped in the recovery zone many analysts confirmed. Somewhere between 10500 and 8000 if Im not mistaken. What I saw today and what Im still seeing is BTC struggling to get passed this 11700-12k resistance. This to me could mean 2 things.
1 People are taking profit by short selling and/are accumulating BTC . A very plausible case. I mean, one thing your sure of, with not a lot of , is that the COIN you are shorting is going down. Your only problem is when to take profit when it recovers. With FIB retracement this is soo easy.
2 The big money investors are not in BTC yet. Did anyone see how much money went out of crypto in the past week??? I thought I was hallucinating... If Big Money or whales are not in BTC yet that means BTC might still be too expensive and they want to look for a new dip. My guess is around 8000USD. As you can see on the graph. Previous peaks, highs or lows can determine next supports.
My conclusion is that if BTC does not successfully surpass 12k with a big green candle the current market might become restless, take their profit and sell. Then they will re-buy one support lower on 8K. Im playing both scenarios at the moment. Im already invested in BTC . Got back in around 9900USD -10200USD and I've set some really low ALT buys in the exchange. I call these my fishing lines which I spread around 10% intervals on the way down.
TA über alles.