CRYPTO MECHANIC
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Here is the short summary of the Altcoins market based on the current market condition.
This is based on the daily charts not some small timeframes.
It's just my reviews of the market and purely for educational purposes.
Current picture ( Screenshot 1)
Most of the Altcoins broke below important daily zone. That means if you were bullish when price was holding above that, now you don't have any reason to be.
So what can you do in such situation? it leaves you with 2 scenarios. (Second screenshot)
Scenario 1: Like i said price have broken below a key zone and as long as price doesn't reclaim back above the broken zone you don't have to be bullish and expect that prices can go for a new low again.
Scenario 2: If you're bullish or holding some Altcoins. Your only bullish confirmation is when prices will reclaim those broken zones.
Remember you only make money when you trade what you see on the charts not what you think will happen.
Keep learning.
This is based on the daily charts not some small timeframes.
It's just my reviews of the market and purely for educational purposes.
Current picture ( Screenshot 1)
Most of the Altcoins broke below important daily zone. That means if you were bullish when price was holding above that, now you don't have any reason to be.
So what can you do in such situation? it leaves you with 2 scenarios. (Second screenshot)
Scenario 1: Like i said price have broken below a key zone and as long as price doesn't reclaim back above the broken zone you don't have to be bullish and expect that prices can go for a new low again.
Scenario 2: If you're bullish or holding some Altcoins. Your only bullish confirmation is when prices will reclaim those broken zones.
Remember you only make money when you trade what you see on the charts not what you think will happen.
Keep learning.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.