Trading altcoins continues to be one of the worthy methods inside the crypto market. The spotlight of this week was the MATIC (MATIC) pump and resultant dump, which I used to be fortunate comfortable to time completely, securing a 60% revenue about the all-time excessive. I closed quite much of positions in revenue, and am yet buying and merchandising EtherParty (FUEL), (IOST), Elrond (ERD), Chainlink (LINK), Zilliqa (ZIL), Verge (XVG) and FunFair (FUN).
I did not take income on a couple of of these cash on the first resistance and goal, only to see them retrace to my entry and this presents an essential lesson about being too grasping. Each setup appeared good, all the same the MATIC motion spooked the market and established a ripple impact that detected fugitive worth depreciation throughout the board. Lesson realized.
BTC/USD replace
Bitcoin (BTC) has been chopping sideways with errant wicks each up and down all through the previous week, beyond question liquidating excessive leverage merchants on either side. I'm presently extended Bitcoin from $7,100 after taking two different positions that closed even or in a slight revenue this week.
The first sign that sparked my curiosity in an extended place was a transparent optimistic divergence with the Relative Strength Index (RSI) on the hourly chart. I normally don't commerce decrease time frames, all the same I seen that there have been potential divergences exhibiting on big time frames, so I zoomed in. Often we'll see an hourly bull divergence verify on the 4-hour, 6-hour and daily timeframes.
I made a decision to enter a place at $7,100 when the value born right down to the earlier swing low at $7,080 after which bounced. This appeared prone to verify as a optimistic swing failure sample (SFP). At au fond the most primary degree, when worth wicks barely below a earlier swing low, it's a sign that liquidity has been engineered by a whale.
In this case, it appeared beyond question that they pushed worth right down to compel retail merchant merchants to take shorts, and likewise to fireside present cease losings on extended positions - thus making a ton of promote orders to purchase into. The worth has presently up from that time.
Furthermore, the value is exhibiting a possible optimistic divergence with the RSI on the daily chart, which power be a probable sign of a backside. I'm awaiting affirmation, as this is able to make me really feel far safer in my present place.
FUN/BTC
Trade concept
FUN provided a really clear buying and merchandising alternative this week. I pulled up the chart after not taking a look at it for nearly two months and settled that worth had continued moving in a channel that I drew in October about the native highs.
The splendid entry would have been a bounce off of the channel backside, between .00000033 (sats) and .00000038 (sats). However, a transparent resistance shaped at .00000044 (sats), which flipped to assist and was my entry, as tried below.
How it labored out
The worth emotional up in a short time, top-hole out at .00000060 (sats). I exited half of my place at .00000056 (sats), for a fast revenue of 27%. The remainder of the place corpse to be open and my goal is on the high of the channel.
IOST/BTC
Trade concept
This is a comparatively simple commerce. The worth was forming a pennant at assist (not tried) earlier than the Binance shakeup. The MATIC transfer established the value to drop by means of assist at .00000080 (sats). I used to be expecting a bounce off of the blue ascending assist all the same detected worth shortly drop by means of and entered at .00000071 (sats) simply above the level assist line.
I need little to do with IOST below that line, or below the .00000070 (sats) assist and I've set my cease loss at .00000067 (sats) as a result of this is able to permit for a wick below that .00000070 (sats) assist and shut again above.
How it labored out
This commerce is presently yet open and beginning to transfer as anticipated. After my entry, the value continued to check the .00000070 (sats) assist, descending below by 1 sat all the same by no means reaching my cease loss. The worth then shaped a descendent wedge, the place it's presently breakage apart from. Initial targets are tried as black level strains.
0 Comments