1. BTC
As can be seen above, it appears that BTC now favours a move to the upside for the following reasons:
(1) intermarket analysis: the SOXX is currently in a bullish price action structure on the 4 hour timeframe that is highly likely to resume when the markets open on Monday.
(2) the price action of BTC has not reached the bottom of its parallel channel on the 4 hour timeframe – after have a good decline that would have enable the big players to have taken some profits.
(3) the price action of BTC is currently approaching a grey bullish Kumo Cloud whilst also being at the bottom of its parallel channel.
2. BTC.D
As can be seen above, probability seems to favour BTC.D moving to the upside in the short-term near future.
If BTC continues to rally at the same time, then this will result in the price of Altcoins rising slightly too.
However, if the price of Bitcoin moves sideways, or starts to fall, then Altcoins are highly likely to start declining again.
A solution: buy cryptos that have a more resilient price action movement like SOLANA in order to reduce the risk of losing capital from a possible Altcoin decline.
3. AVAX – analysed.
4. POL – analysed.
5. LINK – analysed.
6. TON – analysed.
7. RENDER – analysed.
8. SOL – analysed.
9. ONDO – analysed.
Learning Points
- Trading really is all about writing up the technical analysis learning points everyday, as it (1) enables us to clarify our thoughts, (2) provides us with time to process and internalise chart patterns and our thinking, and (3) allows time to weigh-up and decide our next course of action.
Next Action
- Continue to monitor the price action of BTC every 4 hours.
- Continue to monitor the price action of BTC.D every 4 hours.
- Consider making adding additional capital to AVAX and SOL trades only.
