Tossing together a few altcoin setups to keep an eye on as the market news releases and BTC makes the next directional move.
Starting this off with SOL as this is a setup we have been trading for a bit and have been riding this short for some time. It’s been following market structure very well and continues to provide some gains. If BTC has a strong drop, SOL will follow and likely revisit the $17 area.
On the other hand, we can also build a bullish scenario for SOL. We can draw a falling wedge on this setup, and if it were to break out higher and regain the $20 resistance, then SOL would be in a good position to take as a long.
This ADA setup is also something we have been following recently, so this is not a new setup. I will just leave the chart here as it shows a long and short potential for ADA based on a larger head and shoulders pattern.
XMR is provided as only a short position as it keeps getting held up by the $149 level. If BTC loses support and XMR closes below this level, then it will be a great entry for a short position.
ETH can be seen as a long or short as well. Currently, I am biased toward a short here as ETH quickly lost the support that it broke above yesterday. But that doesn’t mean we shouldn’t be prepared for a trade either way. If ETH can break above support again and BTC breaks above its range, then this long will play out nicely. Conversely, if ETH loses the lower trendline and BTC loses its range then this short will play out and we will likely revisit the $1700 range
Tossing together a few altcoin setups to keep an eye on as the market news releases and BTC makes the next directional move.
Starting this off with SOL as this is a setup we have been trading for a bit and have been riding this short for some time. It’s been following market structure very well and continues to provide some gains. If BTC has a strong drop, SOL will follow and likely revisit the $17 area.
On the other hand, we can also build a bullish scenario for SOL. We can draw a falling wedge on this setup, and if it were to break out higher and regain the $20 resistance, then SOL would be in a good position to take as a long.
This ADA setup is also something we have been following recently, so this is not a new setup. I will just leave the chart here as it shows a long and short potential for ADA based on a larger head and shoulders pattern.
XMR is provided as only a short position as it keeps getting held up by the $149 level. If BTC loses support and XMR closes below this level, then it will be a great entry for a short position.
ETH can be seen as a long or short as well. Currently, I am biased toward a short here as ETH quickly lost the support that it broke above yesterday. But that doesn’t mean we shouldn’t be prepared for a trade either way. If ETH can break above support again and BTC breaks above its range, then this long will play out nicely. Conversely, if ETH loses the lower trendline and BTC loses its range then this short will play out and we will likely revisit the $1700 range