The market is showing signs of weakness and looks like we are setting up nicely for some short trades to start playing out. This is a lower-level post simply to show an ideal scenario. The BTC chart shown provides what I consider to be the trading range that I am concerned with currently. As BTC has broken down into the range, it’s likely that we see a bearish retest off the upper trendline. If this bearish retest occurs, this will be an ideal location to consider picking up short positions.
But we can also see this from the point-of-view of just altcoins since that is what most of us prefer to trade. The chart below is a chart of TOTAL2 (all altcoin market caps combined).
We can use this chart to display the same idea and now we are able to track the BTC market and altcoin market to time our positions very well. It is possible that neither of these charts come back for a true bearish retest, but that is what I am currently watching for. I will keep an eye on smaller timeframes as well to see if there are any patterns that emerge to provide more insight.
The market is showing signs of weakness and looks like we are setting up nicely for some short trades to start playing out. This is a lower-level post simply to show an ideal scenario. The BTC chart shown provides what I consider to be the trading range that I am concerned with currently. As BTC has broken down into the range, it’s likely that we see a bearish retest off the upper trendline. If this bearish retest occurs, this will be an ideal location to consider picking up short positions.
But we can also see this from the point-of-view of just altcoins since that is what most of us prefer to trade. The chart below is a chart of TOTAL2 (all altcoin market caps combined).
We can use this chart to display the same idea and now we are able to track the BTC market and altcoin market to time our positions very well. It is possible that neither of these charts come back for a true bearish retest, but that is what I am currently watching for. I will keep an eye on smaller timeframes as well to see if there are any patterns that emerge to provide more insight.