There is some market-moving news releasing everyday for the remainder of the week, starting today with FOMC minutes. I believe that FOMC will be the most impactful for moving the markets but that doesn’t mean the others should be ignored.
My plan going forward is to wait for this 2PM EST FOMC news to release. For the ~1-2 hours after that will be when I make trades if I intend to. I will let the sporadic volatility pass, see where BTC is on it’s chart, and then trade altcoins accordingly.
So on the BTC chart, what I am watching for is where the BTC price action is with respect to the blue support/resistance lines drawn. If BTC is blow the $26650 support then I will find appropriate altcoins to open short positions. If BTC breaks above the $27450 resistance then I will look for altcoins to open longs.
It is worth noting that if BTC falls below the support, I intend to only hold shorts until BTC reaches the take profit level on the chart as $25k should be pretty strong support for BTC.
Cautious out there with the news. Will be releasing another post about some altcoin setups that I have prepared for longs or shorts.
Source: https://www.cryptocraft.com/calendar?month=may.2023#closed
There is some market-moving news releasing everyday for the remainder of the week, starting today with FOMC minutes. I believe that FOMC will be the most impactful for moving the markets but that doesn’t mean the others should be ignored.
My plan going forward is to wait for this 2PM EST FOMC news to release. For the ~1-2 hours after that will be when I make trades if I intend to. I will let the sporadic volatility pass, see where BTC is on it’s chart, and then trade altcoins accordingly.
So on the BTC chart, what I am watching for is where the BTC price action is with respect to the blue support/resistance lines drawn. If BTC is blow the $26650 support then I will find appropriate altcoins to open short positions. If BTC breaks above the $27450 resistance then I will look for altcoins to open longs.
It is worth noting that if BTC falls below the support, I intend to only hold shorts until BTC reaches the take profit level on the chart as $25k should be pretty strong support for BTC.
Cautious out there with the news. Will be releasing another post about some altcoin setups that I have prepared for longs or shorts.