altcoins bounced back…what’s next ?!
Watch today’s market update video where we review several trade setups from our Curated Charts: MANA, BCH, FTT, SOL, DOT, THETA, BNB, and CHZ. Altcoins bounced back…
In our market update on Jan 22, we argued that altcoins were extremely oversold with RSI reading well below 30, and overdue for a rebound (read here). This is swing trading…
And rebound they did! Most altcoins are up 10-30% from the low points just ten days ago.
We’re seeing very bullish momentum currently that could swing prices higher yet, at least until they reach their next major resistance areas.
Bullish momentum can be detected by looking at:
1. MACD Histogram rising (early momentum signs)
2. MACD Signal Lince crossover (indicated as “Buy” flag in our charts)
3. RSI cross over 50 centerline.
Remember that we have these strategy blocks all ready for your use in our new Signals Summary section.
Momentum for many altcoins has just turned bullish (MACD Signal Line crossover).
So we see room for additional upside potential from current levels.
But don’t get complacent or greedy just yet. Rememer that overall, trends are still mostly down.
So when prices get close to their major resistance levels, may wanna take some profit off the table and watch if we break above those resistance areas or get rejected.
Here’s an example: FTX (FTT)
It’s trading in a Sideways Channel ($35-45) and now approaching major resistance area around $45, which is also near 200-day MA (also resistance). This is a level where price got rejected recently, so it would be prudent to take some money off the table here and see if recent bullish momentum (MACD Signal crossover and RSI cross above 50 centerline) is suffiecient to break above this resistance zone.
You can find this and other analyses in Curated Charts section.
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