Trading Watchlist:
1. FARTCOIN
I am surprised that FARTCOIN continues to hold steady as BTC has crashed down greatly:
2. BTC
This suggest that the exchanges (market-makers), or large holders, may be preventing FARTCOIN from declining further by artificially buying the crypto whilst there is a lot of BTC selling pressure.
However, if BTC continues to fall, then I would expect the dam to eventually break so to speak.
Thus, let’s see how this continues to play out…
Especially as the rise in BTC.D suggests that there is no reason why FARTCOIN should still be holding its current price level:
3. BTC.D
In relation to FARTCOIN, maybe it is time to exit the position in favour of an Altcoin that moves with BTC price action movements.
Otherwise, we risk the price action going against us unnecessarily.
Next Action
- Continue to monitor the price action of BTC every 4 hours.
- Do some quick research into FARTCOIN’s largest token holders in order to better understand why its price action has become less volatile.
- Continue to monitor FARTCOIN closely on its 15 minutes timeframe with the intention of exiting the trade if its price action is no longer volatile.
