Weakness in Bitcoin and strength in BCC made all of the alts take a pause
Aside from being bullish on BitCoin Cash - yesterday I was bullish on ETHBTC LTCBTC and NEOBTC .. and I still am.
This post is more about the importance of using stoplosses, monitoring and walking them up with bullish action. I stopped out of ETH LTC NEO priced in BTC all with a meager 1-2% gain but It was worth it. I still maintain a bullish outlook on these and will be looking for entry as the weakness observed in bitcoin continues and infact is accelerating with the loss of trendline support just now. It is hard to determine causation correlation but it appears the strength in Bitcoin Cash is causing all of this.
BTCUSD - daily time frame
Three bearish crows formation for a blow off top - watch alts priced in BTC for a trade opportunity to accumulate more BTC in this next cycle.
1 hour time frame - expecting a bull trap
1 hour time frame looks good for a scalpable bounce, but i think it is a bull trap and then target is 3808, then 3600, and eventually we land on a backtest of the 3k range (2929)
Trade: Position in the stalwart Alts with scales - LTC ETH XMR etc. Theory is if BTCUSD breaks down and the alts remain stable they appreciate against bitcoin, allowing you to sell them for more bitcoin.
Alternative: Go to cash, set stop loss on BTC holding - lose 3808 and game on for the retrace.
Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.
