Daily Crypto Update

in Market Review

Market Review 4 min read January 13, 2022

Richard Fetyko

Daily Crypto Update

Scan Analyze and Trade altcoins across exchanges

Daily Crypto Update:

Is this a reversal in altcoins?

In today’s video, we review recent market action (breakouts of NEAR, ROSE) and demonstrate a custom screener to find coins in an early potential reversal.

But first, do you know that altFINS has begun publishing research reports that focus on fundamental drivers behind specific altcoins? Like what are their tokenomics, competitive positioning, value proposition, and comparable valuation.

This is more akin to long-term fundamental investing rather than short-term trading. Research is exclusively available to Premium subscribers and are well worth the investment.

Yesterday, we published a report on LooksRare (LOOKS), which just this week launched a stunning “vampire attack” on OpenSea, the leading NFT marketplace valued at $13.3B.

Our research team is lead by our CEO (LinkedIn), who has 20 years of experience with technology research and investing, and advised many top hedge funds and mutual funds during his tenure. He was ranked №2 by StarMine Analyst Awards for ratings performance in Internet Software & Services industry.

As we indicated three days ago, market had reached very oversold conditions at critical support levels, almost a capitulation, and that we were overdue for a bounce, a relief rally.

It appears we got one.

So is this the bottom? A start of an Uptrend again? A trend reversal?

It’s too early to tell.

One of the golden rules of trading, especially for beginners, is to trade with trend. Trend is your friend. It’s 50% of success.

So instead of trying to catch the market bottom, let’s just wait for it to be clear. It’s OK to miss out on the complete bottom and catch the trend mid-stream. For most of us, that’s a far more favorable risk/reward tradeoff.

altFINS platform has trend ratings (Strong Down, Down, Neutral, Up, Strong Up) that you can use to quickly filter altcoins with.

There’s always a bull market somewhere!

Case in point: NEAR, ROSE just had breakouts (see video and Curated Charts).

What to look for in a reversal? Ideally, at least one Higher High and Higher Low, which are characteristics of an Uptrend.

You can also create a custom screener that looks for coins with Short-Term Uptrend, Medium-Term Neutral, and Price above 200-day MA. We demonstrate that in today’s video.So for the market overall, we need ETH and BTC to reverse.

That means, we need them to make a Higher High and Higher Low. Based on the current situation, we’ve got lots of wood to chop to get there. ETH is perhaps more important of the two majors because it’s more reflective of a risk-on appetite in altcoins, while BTC is often considered a “safer” play on crypto, where many investors begin their crypto journey.

ETH needs to break above $3,500 resistance, that’s also a 200-day MA, which makes it even stiffer and more important. Then it needs to swing up to $4,000 to make a Higher High. That will be the beginning of trend reversal. Until then, expect choppy markets.