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 market structure update
We can see a longterm uptrend since December, and a shortterm uptrend since July. In the midterm however a downtrend is visible since May. The price of #Ethereum token has attempted to break the downtrend in September and in October without any success so far.
I would sit on the sideline for now, and only buy $ETH is the descending trendline at 3900 and the previous swing high resistance at 4030 are tackled.
For long term hodlers it is always important to watch the stochastic RSI level.
As we are in a longterm uptrend, any oversold signal of the stochastic RSI can be an entry signal.
$XRP market structure update
We can see a longterm uptrend since December, and a shortterm uptrend since July. In the midterm however a downtrend is visible since April. The price of #Ripple token has attempted to break the downtrend in September and in October without any success so far.
I would sit on the sideline for now, and only buy $XRP if the descending trendline at 1.24 and the previous swing high resistance at 1.23 are tackled.
For long term hodlers it is always important to watch the stochastic RSI level.
As we are in a longterm uptrend, any oversold signal of the stochastic RSI can be an entry signal.
$BNB market structure update
We can see a longterm uptrend since May, and a shortterm uptrend since September. We also have a longterm downtrend since May. The price of #Binance token has broken the downtrend and support in October, and is rising.
If bulltrend remains intact, I will make a $BNB entry as soon as the stochastic RSI gives me an oversold signal.
$ALGO market structure update
There is a longterm uptrend since July, and a shortterm uptrend since September. Also there is a downtrend since September. The #Algorand token has been constantly attempting to break upwards during the previous days.
As the stochastic RSI is oversold, an entry may be logical. Supported by the shortterm uptrend, the $ALGO price could break upwards within 5 days.
$FTM market structure update
#Fantom is breaking out. The uptrend since August is intact, and resistance at 2.45 is being broken. StochRSI is oversold, an entry may be logical.
$ATOM market structure update
#Cosmos is not a trade for me now. Price is in uptrend since July, but there is a shortterm downtrend since September. StochRSI is oversold, which may be an entry signal for hodlers.
$LUNA market structure update
#Luna can be a great entry. Price is in uptrend since July. StochRSI is oversold, and price is on support, which may be an entry signal.
$OMG market structure update.
We can see an uptrend since July, and a downtrend since October. The price of #OmiseGO token has attempted to break the downtrend multiple times.
I would sit on the sideline for now, and only buy $OMG if the descending trendline and the previous swing high resistance are tackled.
For long term hodlers it is always important to watch the stochastic RSI level. As we are in a longterm uptrend, the oversold signal of the stochastic RSI can be an entry signal.
$SOL market structure update
We can see an uptrend since June, and a downtrend since September. The price of #Solana token has been attempting to break the downtrend for days now.
I would sit on the sideline for now, and only buy $SOL if the previous swing high resistance is tackled.
For long term hodlers it is always important to watch the stochastic RSI level. As we are in a longterm uptrend, any oversold signal of the stochastic RSI can be an entry signal.
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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.
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Disclaimer
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.
