We are approaching the end of the weekend and as such we can expect a move from Bitcoin within the next 12-24hrs.
We’ve been sharing some short setups for the past week and I intend to keep my bias on short positions unless BTC buyers can show some strength and break above the resistance level shown on the chart. Additionally, the golden pocket of the recent move lower aligns well with being just under this resistance level. I have highlighted this golden pocket on the chart for reference. I wouldn’t be surprised to see BTC go into that golden pocket band, but this would be setting up for short positions until it can break above that level.
Now to find some altcoins that would align well with that. There are only a couple setups that I will look for in these settings, (1) being a slow recovery (bearish retest) of a recently lost support level or (2) being a coin that’s barely holding on support so if BTC drops then it will break out.
I am only going to share 1 setup with this post, but will keep an eye out for others. This setups is XLM. It’s putting in very small lower highs and this support is likely to give out if BTC shows any weakness which could make it a great short. Wait on bearish movement from BTC and a confirmed breakout on XLM.
We are approaching the end of the weekend and as such we can expect a move from Bitcoin within the next 12-24hrs.
We’ve been sharing some short setups for the past week and I intend to keep my bias on short positions unless BTC buyers can show some strength and break above the resistance level shown on the chart. Additionally, the golden pocket of the recent move lower aligns well with being just under this resistance level. I have highlighted this golden pocket on the chart for reference. I wouldn’t be surprised to see BTC go into that golden pocket band, but this would be setting up for short positions until it can break above that level.
Now to find some altcoins that would align well with that. There are only a couple setups that I will look for in these settings, (1) being a slow recovery (bearish retest) of a recently lost support level or (2) being a coin that’s barely holding on support so if BTC drops then it will break out.
I am only going to share 1 setup with this post, but will keep an eye out for others. This setups is XLM. It’s putting in very small lower highs and this support is likely to give out if BTC shows any weakness which could make it a great short. Wait on bearish movement from BTC and a confirmed breakout on XLM.
