Longs on watch with BTC morning price action
BTC continued to put in bullish moves today. All of the altcoin trades shared above are in decent profits currently, but I’m hoping the run isn’t over.
While BTC was moving higher today, and so was BTC.D (bitcoin dominance). This means BTC was getting all of the money flow rather than altcoins. Now, what we want to see is bitcoin stay stable (or go up), while BTC.D starts dropping. If BTC.D can start going down, the altcoins that we shared will take off more than they have already! Curious to see how this plays out
2 of the 3 altcoins shared have hit the take profits level, with one being very close. BTC is now running close to some resistance and the US is releasing PPI news tomorrow morning (US time). I am taking profits on my setups and allowing the news volatility to take place before re-entering trades.
BTC price action had a nice pump this morning above resistance. Could this be a liquidity grab? Sure, but we won’t know that until hindsight and as a breakout trader now is the time to set up for some long positions. The level to hold is marked on the BTC chart. I will be looking for long positions until we have a breakdown of that support. For the time being here are a few setups that I am watching:
YFII: Has broken above local resistance this morning with BTC. This one has some heavy wicks in the price action so cautious trading this with high leverage and be cautious of stop limits hunts.
MKR: This one broke above a local resistance level a couple days ago and is now retesting that level. Similar idea as above where we enter on support, but this one is a retest trade rather than a breakout trade.
ALPHA: And the third and final one I’ll leave with for now. This setup is very similar to the YFII setup posted above.
