Chartpunk Altcoin Alpha #1
Bitcoin has been and will remain my main trading asset, but many of you have asked for a periodical review of some important altcoins. I am happy that you are showing interest in my work, and I am happy to provide you from time to time with some insight. Shill me your favorite coins in comment, so that I can include them in the next post.
$ETH daily chart is bullish. Predator indicator is green, price is consolidating in the 3300–3400 area. The 20MA started to decline, but price is way above it, so not much of concern. Support is 3150, resistance is 3550.
$AVAX is a no-trade for me now. 20MA is ascending, but price is under its value. Predator is red indicating bearish trend. If the support at 64 falls then the price may drop to 52. Upward resistances are 67.4 and 80.
$SOL daily chart is bullish. Predator indicator is green, price is above an ascending 20MA. Upwards resistances are 175 and 217. Supports on the south are 148, 142 and 132.
$SUSHI is bearish. The 20MA is descending, and price failed multiple times to cross it upwards. Predator is green, but the general picture is still bearish. If price loses the 9–10 area then it may well continue to the south.
$UNI is cautiously bullish. Predator is green showing a bullish trend, and the price is comfortably above the 20MA. But the MA started to descend. Supports are at 24.6 and 23.27. Upwards resistance is at 27.5
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What is trend trading?
Trend trading is a market strategy that is reasonably different from swing trading or day-trading. A market “trend” is a tendency of a financial market price to move in a particular direction over time. Swing traders and day-traders are usually trying to pinpoint low-term market tops and bottoms, and take aggressive positions expecting to profit from a swift change of market direction. Trend traders are looking for consolidated and strong directions on a given market, and are trying to ride the trend for as long as possible. These traders normally enter in the market after the trend “properly” establishes itself.
What is the indicator coloring my chart candles?
I am using the Predator indicator from Decentrader as my core trading tool, that is coloring my candles green-red-turquoise-orange, and is providing me basic information on the trend. I am also using the 20-period moving average and Fibonacci levels for the identification of supports and resistances.
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The present article is a free material, for entertainment and educational purposes. Nothing in this post shall be considered as financial advice, you shall never make any financial decisions or financial investments based on a singly source of information and without doing your own research.