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Market outlook 8 July 2020
I'm getting a lot of questions about me focussing on trading BTC instead of Altcoins and taking less risk with them since the last week. https://twitter.com/damskotrades/status/1277981525531713537
I'm getting a lot of questions about me focussing on trading BTC instead of Altcoins and taking less risk with them since the last week. https://twitter.com/damskotrades/status/1277981525531713537
Macro Altcoin market = still bullish imo
- I do think my original idea of the macro Altcoin market is still in place. The one I wrote this article over: https://www.altcoin-traders.com/Article/view/13
- I do think the Altcoin market is macro bullish as long as this top in blue doesn't get broken.
- I do think my original idea of the macro Altcoin market is still in place. The one I wrote this article over: https://www.altcoin-traders.com/Article/view/13
- I do think the Altcoin market is macro bullish as long as this top in blue doesn't get broken.
- I still do think the macro(!) will stay good for Altcoins as long as BTC is ranging in between this huge range. Especially in the orange
But just like any chart. Nothing goes up or down in a straight line.
I also do think this Altcoin fun will have her breaks and (short term?) reversals which can be pretty intense as the Bitcoin range is huge.
I also do think this Altcoin fun will have her breaks and (short term?) reversals which can be pretty intense as the Bitcoin range is huge.
This is the reason why I did decreased my Altcoin risk in the last week and started focussing with more risk at Trading Bitcoin.
If I did had for example 6 weeks of Altcoin fun I'm happy to sit the last 1-2 weeks out but not getting caught in the reversal.
If I did had for example 6 weeks of Altcoin fun I'm happy to sit the last 1-2 weeks out but not getting caught in the reversal.
I did expected the blood earlier already due to the weekly dominance support with trendline confluence.
The weakness it's showing does support my other idea of the macro bullish market. I'll be definitely buying the big dips if they're coming.
The weakness it's showing does support my other idea of the macro bullish market. I'll be definitely buying the big dips if they're coming.
Invalidation of this bullish macro idea are set at the blue dominance top & huge Bitcoin range
- For dominance I don't want a htf close above blue
- For Bitcoin I do want this huge range to hold
- For dominance I don't want a htf close above blue
- For Bitcoin I do want this huge range to hold
For now I'm keeping my bigger risk exposure at trading Bitcoin and waiting patiently for a short term Altcoin reversal. Whenever that may happen.
Again, this is why:
Again, this is why:
Bitcoin dominance still at a lot of support.
The RR in heavy Altcoin exposure right here is not there for me.
The RR in heavy Altcoin exposure right here is not there for me.
Bitcoin volatility still at the extreme lows.
- Only did happen 4 times since 2017.
- Bitcoin moves after getting out of the volatility lows ranged between the 50% & 260%.
- Only did happen 4 times since 2017.
- Bitcoin moves after getting out of the volatility lows ranged between the 50% & 260%.
While Dominance is still at the support & the volatility at the extreme lows Bitcoin itself is already ranging for 70 days after kissing the top of this macro range.
To recap this nonsense:
- I do think big dips are for buying
- I still do think we'll see Altcoin blood soon.
- I still do think Bitcoin is primed for a huge move
- This is my personal approach. I don't mind out missing the last weeks of Altcoin fun and focus on trading BTC.
- I do think big dips are for buying
- I still do think we'll see Altcoin blood soon.
- I still do think Bitcoin is primed for a huge move
- This is my personal approach. I don't mind out missing the last weeks of Altcoin fun and focus on trading BTC.
- When I reallocate after playing Altcoins for weeks I don't expect a reversal tomorrow. It can take a week or even 2-3 weeks.
I don't mind just trading Bitcoin.
- If the Altcoin market keeps pumping it doesn't change my original plan:
I will look for the next big pullback.
I don't mind just trading Bitcoin.
- If the Altcoin market keeps pumping it doesn't change my original plan:
I will look for the next big pullback.
