1. TONUSDT
Buy a small quantity of TON (Spot Trade) immediately, as the price action has now reached the bottom of its parallel channel.
Continue to monitor this trade every 4 hours or so over the next two days to see if TON maintains its bullish price action structure.
If not, then seek to get out of the trade as soon as.
2. MATIC
Buy a small quantity of MATIC (Spot Trade) immediately, as the price action has now reached the bottom of its parallel channel.
Continue to monitor this trade every 4 hours or so over the next two days to see if it keeps its bullish price action structure.
If not, then look to get out of trade as soon as possible.
3. LINK – analysed.
4. BTC.D – analysed.
5. BTC
As shown above, it seems that when the price action of BTC reaches the bottom of it current parallel channel on the 4 hour timeframe, it is going to rally to the upside again.
I am considering, therefore, putting my sister’s profits back into BTC to gain from the further possible upside.
The problem though is that the current chart pattern seems too predictable.
It is so predictable that inexperienced traders are bound to be looking to go long by placing their stop-loss just below the current price action.
This will increase the likelihood that there will be some type of stop-loss hunt before BTC may further rise to the upside.
Therefore, I should only re-deploy my sister’s capital if their is a significant pull back in order to be on the safe side.
I guess the lesson here is always anticipate what inexperienced traders are most likely to do, then do the absolute opposite.
In relation to the Altcoins, the above analysis suggests taht it is going to be important to have at least two entry zones in anticipation of a strong BTC pullback.
6. ALGO – analysed.
7. ADA – analysed.
8. SOL – analysed.
9. ONDO – analysed.
Learning Points
- From all day yesterday to today, I have got further practice waiting patiently for trades to play out as TON and MATIC have now reached my target zones.
Currently, I am still waiting for the price action of ADA, SOL, LINK, ONDO, and ALGO to reach the bottom of their parallel channels before I re-consider making the relevant entries.
Next Action
- Buy a small quantity of TON immediately.
- Buy a small quantity of MATIC immediately.
- Monitor the price action of TON, MATIC, LINK, ONDO, ADA, ALGO, and SOL every 4 hours or so.
- Monitor the percentage movement of BTC.D every 4 hours or so.
- Monitor the price action of BTC every 4 hours or so.
- Add additional capital to my Bitget trading account as soon as possible.
