HI all
So Bitcoin is showing some strenght, or at least faking it, which usually make altcoins bleed. Even the biggest altcoin - Ethereum.
What to do in these situations?
Well, we need to set few lines and observe price action. In my case I'll observe if:
- the price wil follow dynamic support, and bounce from it, I'll be confident in buying*
- the price will drop to the little red line mark, I'll be confident that price will drop to the next support.
* if the price will follow plan "a" then we need to observe how the candles will behave around current resistance. How fast can be broken and if the whole candle will stick above it. If this will be the case, than we can prologne our position to the next resistance level.
So that is pretty much it for now.
Have a great day
So Bitcoin is showing some strenght, or at least faking it, which usually make altcoins bleed. Even the biggest altcoin - Ethereum.
What to do in these situations?
Well, we need to set few lines and observe price action. In my case I'll observe if:
- the price wil follow dynamic support, and bounce from it, I'll be confident in buying*
- the price will drop to the little red line mark, I'll be confident that price will drop to the next support.
* if the price will follow plan "a" then we need to observe how the candles will behave around current resistance. How fast can be broken and if the whole candle will stick above it. If this will be the case, than we can prologne our position to the next resistance level.
So that is pretty much it for now.
Have a great day