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Daily Crypto Update:
Is this a reversal in altcoins?
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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!
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.
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Today’s curated charts summary:
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