Bitcoin & Altcoins, Technical Outlook, Edition #183 (08/02/2022)
Fresh opportunities bubbling in Alt markets...? Find out the latest updates for Bitcoin, Ethereum and a big ol' basket of Altcoins. Read on for more 👇
The Investigation Continues: Bitcoins, Altcoins
It appears the markets stand at a pressing crossroads.
Bitcoin breaks a distinct sequence of lower highs (LH) after rallying to a fresh higher high (HH).
Recall that technical theory considers this a significant moment in trend analysis, indicating a possible reversal in the trend's direction.
Bitcoin, $BTC - Daily (D1)
Accordingly, what must occur next is a higher low (HL) to signal further a potential end to this remarkably vicious cycle of bearish market structure.
Bears might find their 'nail in the coffin' when price action plants another decisive higher high—i.e. an uptrend sequence.
Bitcoin, $BTC - Daily (D1)
The latest assessment of technical indicators such as the 20-day exponential moving average (D1 20 EMA, GREEN) and the 50-day moving average (D1 50 MA, RED) find that these levels appear to be supported.
It is essential to consider the risks of an adverse trend. Daily candle closes below these levels are regarded as bearish action.
Risk management suggests that chasing entries this high around resistance poses a far greater capital risk than waiting for pullbacks to a significant support level.
Ergo, one viable example is using candle closes as confirmation above or below the support levels. These can include but are not limited to key moving averages or Fibonacci pivot zones once flipped.
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Ether, $ETH - Daily (D1)
Ethereum is yet to produce a higher high.
If Bitcoin avoids setting a bull trap or fakeout, the ETH/USD pair should find the confidence to catch up after consolidation.
Now, let us return to the basket of Altcoins featured for analysis in Edition #182.
It seems demand for Altcoins remains guarded as $BTC and $ETH complete their respective rallies.
Observe that price action looks to be amid an attempted support-flip of their respective D1 20 EMAs.
LTO Network, $LTO - Daily (D1)
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Algorand, $ALGO - Daily (D1)
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Loopring, $LRC - Daily (D1)
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Dusk Network, $DUSK - Daily (D1)
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Ravencoin, $RVN - Daily (D1)
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Polkadot, $DOT - Daily (D1)
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Terra, $LUNA - Daily (D1)
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The Graph, $GRT - Daily (D1)
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Zilliqa, $ZIL - Daily (D1)
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RenVM, $REN - Daily (D1)
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Q's Conclusion
While the markets can present trading opportunities, it is usually patience and seeking confirmation that some tend to overlook.
More often than not, this can lead to burnt fingers and a lightened trading purse.
Welcome to the Hunt.
Note that buying pullbacks here comes with the risk of prices going lower.
However, should these retests HODL on or above significant levels, setting stop losses under them once support has been established is one example of mitigating risk exposure.
See you again for the next update.
- q
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The information on this website is for general information purposes only. It is not intended as legal, financial and/or investment advice and should not be construed and/or relied on as such. Before making any commitment of a legal and/or financial nature you should seek advice from a qualified and registered legal practitioner and/or financial and/or investment adviser. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal and/or financial product. Qluster does not recommend and/or endorse products and does not receive remuneration based upon investment and/or other decisions
Qluster adamant in its alts predictions... Good to see a significant revision of dot