Thread by @tradingroomapp

ALTs update

#USD paired ALTs are pumping, mostly thx to $BTC pump against #USD

$BTC paired ALTs continued to struggle but are showing bottoming process for last few days

Here is how to play ALTs:

Check the Thread /2

If you are into $BTC you may flip your #BTC position for ALTs for next few days if #Bitcoin struggles against key resistance & can’t post higher highs in next few days

Which ALTs to choose ?

2 setups

Trend Continuation
Trend Reversal

I prefer 1st one, let’s discuss both /3

Trend Continuation is relevant for those ALTs which are still trending up against $BTC

There aren’t many, but handful of them like #LTC #BNB are taking a breather against $BTC But May find a support & eventually pump again

What about Trend Reversal? /4

Trend Reversal is a high risk play, but can be considered for oversold ALTs with good buzz around them

They may pump 10-100% within no time considering some of them are extremely oversold

Here are some clues

- look for those ALTs which pumped hard recently & dumped again /5

- those pumped recently & dumped hard will find favor only if they are holding their respective support levels. Case in point $LINK $BAT $ENJ $THETA $ONT & many more

- look for extremely oversold ALTs like $ZRX $ZEC $IOTA $NEO & Wait for an entry retest of local breakouts /6

Avoid playing ALTs if you continue to be bullish on #Bitcoin

Avoid playing ALTs if #Bitcoin breaks above 8500 & go parabolic, that move eill further capitulate ALTs

ALTs can find floor only once Bitcoin stops it’s upward momentum (or until entire market go parabolic) /7

If you don’t understand any of the language in my tweet, pls ensure to learn the basics of trading first. Watch YouTube videos on following topics

Fibonacci
Moving Averages
Support & Resistance
Price Action Trading

Visit: tradingroom.io & watch videos o our blog /8

Use our Price Action Scanner to identify early trend reversals. Try to spot multiple GREEN boxes in smaller times frames for your favorite ALTs to spot an early entry

We will post some charts later in the week. Trade safe & be profitable 🙏

Keep in mind, this is small window to play ALTs if #Bitcoin takes breather

No ALT season until entire market finds buyers across the board

Trade with extreme caution & exit on time before $BTC resumes its trend

Situation many change if buyers flock in. Next Update / Next Mon