Bitcoin & Altcoin Technical Analysis / Q&A / Price Predictions — Private Premium Member Live Call
What is going on guys! Naeem Al-Obaidi here I hope you’re all enjoying your day today, I’m super excited to do this live steam with our premium members here at Traders Profit Club. As we are going to be taking questions from some of you guys. We will probably have a couple dozen of you guys on this live stream and some will watch it after it’s published. However, we’re going to be looking at Technical Analysis request for coins, looking at some Altcoins and specifically talking about what’s happening right now with Bitcoin. What the best possible entry points are, I’ll also go over the different trading styles that we utilize with our signals. I know a lot of you guys have been asking about the new platforms that we’ve been introducing to our members such as MT4, Hugosway, 3 Commas. If you guys aren’t on any of those platforms, I highly recommend that you get on those because you can really start making some profits fast if you guys are following our analysts signals which are all being traded on these platforms. I’ll take some questions in order to help some of you guys that have some concerns about the premium group and how to utilize it in the best possible way.
But most importantly wanted to just talk about the overall sentiment of this Market. What’s happening right now with Bitcoin, you can see we’re seeing this extreme amount of exuberance this parabolic growth here in the last couple of days and pretty much less than a month, a little over a month you can see we have over a 100 % gains here with Bitcoin, we are going to talk about why that’s important.
Taking a look at what’s happening in the market in general if we were to pull up coin market cap and look at these Altcoins vs. Bitcoin, I think one thing that’s really important to emphasize is a lot of these Altcoins are not good long-term Investments and we’ll lose their valuations. So I’m going to talk about what platforms I use personally and what platforms I think you guys should use and if you’re in you trader what the best place to start is.
So let’s go ahead and look at coinmarketcap, the biggest thing that I think people need to realize is that the investors coming into this market right now are a lot smarter than the liquidity that came in 2017. So what we’re seeing right now is going to be very similar to what we saw when this parabolic run up took us over 438%. However, we are going to see a smaller version of that right now and what that means is people have now pretty much confirmed within themselves psychologically that yes, this asset class is limited in quantity, therefore there is an intrinsic value and I want to pay attention to this asset class and start investing money into it.
I can go on and on and talk about reasons why more and more liquidity is going to come into this market and that’s something we definitely will talk about. Somethings I haven’t mentioned before is in regards to investors coming into this market Cambridge Analytics which issues the recommended points to hedge funds in regards to what to invest in. They actually recommend their portfolios to up to 300 billion dollars in managed assets and for the first time ever two months ago they issued a report adding Bitcoin specifically blockchain and cryptocurrencies as a recommended investment for these funds, they said to allocate 31 points to that technology which is very interesting and a very good thing for this Market when it comes to institutional money coming in. The start to this Bull Run was when someone made that 100 million dollar order across multiple exchanges which took the market up about 24% and that right there initiated this exuberance of retail investors.
For the most part institutions are still not in this market and I’ll show you exactly why that is. If you guys look at this volume you can see when that $100 million dollar order came in potentially by an institutional fund, you can see how that peak volume came in. Right now we’re not seeing that high of a volume spike and that tells me that the institutions are smart and they’re looking for this next pull back in order to start entering in a position.
We can now transition this livestream into; how you guys can best utilize our services, as well as the information we provide on a daily basis to be able to make a return on your investment when it comes to the amount of funds that you are putting into this market. Where that starts is you have to first understand the three different types of trading styles day trading, swing trading and long-term investing and so I would recommend for everyone to have a portion of their capital dedicated to each one of those categories depending on the amount of risk and reward that they are willing to take on.
When it comes to long-term investing in this market, Is it time to start dollar cost averaging into this market? Where’s the best place to start entering into a position? We are going to be seeing a Hallow Top or what I call an exuberant run up followed by a lot of shorts coming in, taking this market back down to a more reasonable level very soon. When it comes to long-term investing in this market if you want to put in a long-term position, I would be waiting for when the institutions are going to start putting in their money, which is when we are going to see that really strong push to the upside followed by a very violent crash to the downside, where we’re going to be able to accumulate positions at certain levels.
Some of those level that we want to watch are pretty simple. This is just technical analysis looking at these consolidation points from the past. One place that we want to look at here is going to be that $6000 level up to around that $6500 level as a first point of entry for dollar cost averaging into this Market long-term and looking to get Bitcoin.
Why is it important to get BTC right now? And not focus on altcoins? Understand that Bitcoin is 56.4% dominant right now in this market. It’s one of the most valuable asset classes in the cryptocurrency sphere due to the fact that it has a limited quantity. There’s only 21 million Bitcoin that can be created and so Bitcoin is the asset class that is most valuable right now and it’s what these Altcoins are also gaining value off of as well. When understanding that, you have to look at what we’re seeing here as you see this spike in Bitcoin dominance. Do I believe we’re going to start to see Bitcoin dominance continuously increase? Absolutely.
You have to understand why was ETH so dominant at one point and really skyrocketed past $1,000. Its primary use case was to raise funds for ICO’s and this year we have raised a lot less funds in comparison to 2017. Alot of less ICO’s initially we saw billions of dollars to now only seeing millions of dollars being raised when ICO’s are coming out now. So therefore ETH is losing its intrinsic value in that sense, does it have intrinsic value in other ways? Absolutely. There’s a lot of intrinsic value in ETH, but we just have to be honest with ourselves and realize that there’s very little use case.
When it comes to investing long-term in this market you have to be very specific with what you choose to invest in. If I were to invest long-term in this market, if you would to ask me what my long-term Investments are in the cryptocurrency sphere. I actually have all these charts here laid out in my tradingview. As we go through this I’m going to also give you guys a lot of practical things, you want to take notes as we go through this.
So if you’re trading any asset class right now, on a consistent basis, you should have a specific chart for it on your Tradingview account. And if you’re not using trading your highly recommend you guys get this on a desktop mobile and web version and utilize this as much as possible because it’s one of the best tools to look at technical analysis and you want to be able to constantly keep a watch out of your asset classes. Now what’s cool about all of this is, in combination with Tradingview and Traders Profit Club on Discord most of this can be done mobily.
For me personally I actually trade better using my phone than I do using my computer, the reason is when it comes to trading especially when it comes to day trading which is typically what you’ll be doing if you’re using your phone. Long-term investors can get on their computer and map out your long-term investment plan for this market, but when it comes to being a day trader your phone is your best tool. There’s apps that you must have on your phone MT4 for Hugo’s Way using the hugosway broker. 3 commas in order to automate your Binance trades and be able to have more custom trading options including setting up trailing take profits, setting up a trailing stop losses. Multiple take profit targets on your swing trades. You want to use 3 commas for your swing trade, Mt4 on Hugo’s way for your leverage trades and your day trades that’s going to be up to 500 X Leverage. It can be very very risky and therefore I highly recommend you start with a paper account. Would recommend to start using some of our Bitmex signals and start taking advantage of some momentum trading.
We’re actually going to be doing a lot of partnerships and adding a lot more to our premium group which is why we’re still in presale and I’m super excited to announce that, one thing that we’re doing soon is we are going to be adding in-person training. I just partnered with a Forex team that’s been doing in person Forex courses in Los Angeles and Miami. What’s interesting is there scalping strategy its a very good strategy when it comes to Bitmex trading and trading with margins when it comes to Bitcoin & Ethereum, which are the ones that I focus on primarily and you also have TRX, XRP, etc. I love using MT4 versus Bitmex since you can’t use Bitmex without a VPN. I would choose something like Hugoways, it’s using the Bitfinex exchange its volume is high and as you know, it’s one of the most prominent exchanges for its liquidity. So very important that you guys keep that in mind so have your Asset classes you trade on your tradingview chart at all time.
So when it comes to long-term investing right now, I’m looking at Bitcoin as a long-term investment, I’m looking at BNB, BTT as a long-term investment something I’ve talked about time and time again. The reason I like those is I just like the teams and they all have intrinsic value in their own way. Bitcoin is limited in quantity, it’s the main coin. BNB is being used by everyone on Binance which has a huge use case. Users get discounts on using BNB and so it has that very very strong intrinsic value and a long long way to go in terms of growth. Than we’ve got BTT which is the BitTorrent token which is being backed by Justin Sun. I feel like it’s what Justin Sun really wants to do vs. Tron because we’re seeing some downside for TRON, I feel like Justin really wants to lean towards the BitTorrent side.
As the only project that I will promote are projects that I’m involved in as an advisor and that’s because I vetted out the team and I know exactly what their intentions are and I’ve been a part of their meetings in the background with them and that’s the only time when I’ll talk about those projects.
When it comes to you know long term investments in this market, what I’m looking at is Bitcoin, BNB and BTT because they have the most intrinsic value right now and you have to understand what’s happening right now is exactly what happened in 2000 when we saw DOTCOM bubble. There were websites that just got popped out, PetSmart at the time created a website as their stock when up like ten thousand percent it crashed as people didn’t know what that meant.
Same thing here we are going to see most of these coins lose their liquidity lose their valuation as more and more investments come in. But does that mean that there’s no opportunities? That doesn’t mean i’ll stop trading XRP, doesn’t mean I start stop trading altcoins because at this point in time what the main use case in my opinion for these altcoins, is going to be in trading them and swing trading altcoins which are typically done through 3 commas, put your trade in and watch your profits come in. Typically going to be posting them under the crypto signals in our chat. We also provide forex trades, day trades and swing trades. We try to make it as efficient as possible to trade in the market by allowing you to do everything mobily and in a short amount of time. We do the hard work and doing the analysis and finding the setups and we send that out to you and we’re not gambling. Were are looking for a good risk-reward set up. So when you see an Altcoin go up 20% don’t feel like you’re missing out, you know at the end of the day that’s the you know the fear of missing out and we do not want to get into that. So that’s that’s my long-term investing advice, hopefully that helped out.
Question by Greatest Ever:
“I have 10000 xrp coins in HODL mode since 2 years ago take on it when you get a chance?”
So it really depends on what you’re entries were on it. So one thing you want to do at all times is if you’re a long-term investor you want to look at this monthly chart. So when it comes to long-term investing, there’s dumb long-term investors and smart long-term investors. Dumb long-term investors will just hold something not even look at it and I call that dumb because when BTC hit 20k and you can agree or disagree with me. Even if I was a long-term investor, I would have probably wanted to take profits up here and let the price see its downside before re-entering a position, that’s called rebalancing your portfolio. And so that’s why you want to look at a monthly chart when your long-term investing in order to determine when to start taking profits on those and when to re-enter positions on those Investments.
One strategy I like to use is house money strategy, which means, you can take 75% of your position out and hopefully that is enough to say that you’re not only breaking even but making a profit on that and what you leave in the investment could just be the house money which wasn’t yours in the first place. What I would recommend is doing technical analysis on a monthly chart and taking profits when it make sense and re-entering when it makes sense and that’s called rebalancing your portfolio when it comes to long-term Investments.
For example, if I were to look at XRP/ Bitcoin chart, when it comes to should I sell my xrp right now looking at this monthly chart and seeing this potential bottom you can see we have this huge wick here, if you guys understand technical analysis is a bullish reversal wick and what that means is you can see how that went all the way down but immediately came back up and this is a potential bottom where we’re going to see potential upside here in the long-term when it comes to XRP Bitcoin value and so there’s a potential of up to 70% value. And so I would say take profits, if that’s a long-term investment around that area rather than now when we’re at this bottom.
Looking at the XRP USD chart, it may look a little bit different. We’ve got this pennant that was formed and we see this break out which looks like it already bottomed out and it’s starting is trend up broke through that monthly moving average also looking quite bullish with volume coming in. Looks like XRP is something that you want to hold if it’s a long-term investment you have to ask yourself whether or not that is a long-term investment for you.
Question: by 1out
“Will BTC be hitting 9000 in the next few days?”
I highly doubt that. That’s one thing we will do. We will go over more Bitcoin technical analysis.
Question: by G Bailey
“What do you think about 74,000 Bitcoin being put into these exchanges, do you think t’s to sell them soon ?”
Yeah. Actually we are going to be seeing a top form soon. We’re going to see that momentum Spike and then we’re going to see a drop and that’s typically what happens. We are going to see a smaller version of what happened in 2017 because investors are more rational about what price should look like obviously in a fundamental sense Bitcoin is seeing amazing fundamentals daily with high daily transactions per day. You can were staying above the highs over 300,000 transactions per day the same that we saw in 2017 when we saw that $20,000 Bitcoin. However, many people are getting a little smarter and realizing, you know this is obviously going to see some sort of pull back on its way up.
Questions: by Michael
Good question, So LTC is the little brother of BTC and I think it will definitely be valuable as its also limited in quantity and so it has that intrinsic value. When it comes to a long-term investment you want to have your asset allocated properly. This is just on every profolio you have whether it’s your day trading or swing trading or long-term portfolio you want to have your assets allocated. So a small portion into Litecoin I wouldn’t say is a bad idea. Maybe even a small portion in the top 10 coins. I would recommend having a small portions in ETH, ADA, EOS, at the end of the day you don’t want to put your eggs in just one basket you want to use probabilities as you can see BTC is becoming the staple coin here and you don’t want to unjustify that.
“Will this parabolic movement cause a potential for a bear market conditions like in 2017?”
I think it won’t and the reason being is because people are more rational with their investment strategies right now. And so we’re not going to see a parabolic run up to 20,000 again. I think we’ll see a parabolic run up to possibly we’ll talk about the 8600–9000 and why those are really important to watch but in regards to seeing a pullback I think we’ll see a normal pull back up to more rational levels and an overall continuous trend up. We can also possibly even draw out this ascending support line here on the monthly and determine that we will most likely not be below 4000 anytime soon or potentially ever. When we saw this exuberance and when BTC was at thousand in $1,000 we just never saw that price point ever again after the 2017 rally because that’s just how markets work, there’s always going to be higher highs that form and higher lows that form and so those higher lows are what create that ultimate support level that justifies that this asset class will never be worth less than this unless something dramatic happens.
Another thing is you have to understand that there are alot of uncertainties in this market. I would say there is a lot more certainty than there was in 2017. There’s also a lot more development in this technology, there’s a lot more use cases then there was in 2017.
However, with TETHER manipulation you have to be careful at all times and that’s why as a long-term investor you still want to take profits on a monthly basis or on a quarterly basis as you want to use that monthly chart to your advantage.
Next Topic: Understand Day Trading and Swing Trading Opportunities in this market.
When trying to understand day trading and swing trading opportunities in this market, one thing that people don’t realize is that when we are seeing these trends up. When we are looking at swing trading we want to look at the daily and weekly chart and overall; trend and make assumptions on what’s going to happen in the next few days or weeks.
As a day trader you want to trade based upon the trend, if we are trending up with BTC. We want to be trading longs not shorts because we will have better probabilities of getting that position, we don’t want to trade against the trend. When it comes to day trading and leverage trading there are alot of strategies to use. I would say be very cautious if you’ve never day traded or you’ve never done a lot of margin trading there is no reason whatsoever to trade a live account with real funds. You must start with a demo account and not only that you must get into a pattern and a consistent pattern of making profits before even funding a real account because it is very risky. However, it can very rewarding when we see these strong trends forming, when we see Bitcoin is going long. So when you able to leverage up to 500:1 a $1 account can be leveraged this a 500:1 account, the downside can be very quick. You’re stop losses have to be set up extremely tight, your entries should always be through buy limits and it should preferably be on 15-minute wicks.
There’s a link in the description below called babypips.com/learnforex I would highly recommend you take this free course and it will teach you exactly how to do all of this how to manage your risk, how to use mt4, what lot sizes are, what margins are, and everything you need to know. I would take that course as that’s step one and then I would go into paper accounts using our signals and typically what you want to trade on MT4 is going to be the Forex signals and crypto signals and then you can even trade on your own time. This is a trading style that can allow you to create profits on a Daily basis and allow you to quit your job and put a secondary source of income and be very consistent upon it and so you never missing out when it comes to day trading. Day trading is a daily thing people do this as a career I’ve been day trading for a very long time and it took me three to four years to become profitable. I got into BTC around 2010 and it’s a skill that once you learn you will never lose and it’s very valuable.
Warren Buffett one said people stay in the lower class because all they do is earn money. They never multiply their money if you learn how to multiply your money it can be very lucrative.
So for example you can take a $1,000 account when it comes to leverage trading and turn that into a $2,000 account with one trade it happens all the time. I’m going to give you an example here if you’re a intermediate or beginner this will help understand managing proper risk and this is how I would trade Bitmex signals. So we know this trend is up right now we’re heading towards this resistance at $8600.
For the most part we know this is trending up if we go on our 15-minute chart and honestly I like using MT4 on my mobile instead of using tradingview because you don’t really need much other than understanding price structure, understanding trends, and understanding certain indicators for confirmation and everything else is just on price action. So price action will never lie to you is all of the momentum. So we know this is trending up we know this is resistance so let’s say we start to see price action going to the upside, are starting to trend up trying test resistant. What we can do is set up an entry point, let’s say $7460. With a stop-loss at 7420 a very tight stop but we leverage and now that’s our risk. As you can see here, our risk is very minimal for this long position. A small percent of 1% risk, and we know we’re trending up so what you’ll want to do is you want to look at previous breakouts to determine where to set your targets. So I’ll take my ruler here and I’ll look at what is a previous break out. I like to use the volume here to see the breakouts. So you can see this right here was a consolidation and then it broke out.
From the top of that resistance how much was that? 5.83% you’re typically going find that its around 4 to 5% right now if you’re trading Bitcoin when you’re looking target I would go 4 to 5% and that’s exactly where it broke out to and now when your leverage trading on a small account you can have so much upside. You know this is your trade entry and guess what the trade starts to go up with momentum. Does not hit stop loss because you knew exactly where to enter after that breakout on that resistance and as the trade starts to go up. What do you do? Well you take that stop loss that you set and you raise it, so now as it starts to turns up, you raise your stop-loss and now no matter what you can just leave this trade and you’re going to be in profits. So that’s how momentum day trading works and it doesn’t take much time. We send the signals out and then you have to set up there for you to play with. Its like where your coach on the sidelines saying, “Hey, here’s the play and you just got to know what you’re doing.” It’s okay if you don’t understand this take the babypips course as the link is in the description below.
So you set your targets at $7700 that hit, $7760 that hit as well and a $7800 Target as you should take your profit you let It drop consolidate and you wait for the next move. Consolidation areas are typically either the top or a bottom. That’s another little tip.
One other thing I can talk about is laddering into the trade so what’s sometimes what I’ll do especially if I’m doing a scalp trade and catch a bottom, we saw this break out to the upside and we see this drop the consolidation happening. We know this is an overall uptrend so now I know this is the support here. My my biggest lot size is going to be the most bottom point on that wick. So my .4 lot will be $6870. I’ll put a .2 lot right above that and then I’ll do a .1 lot. As it trends down it initiates your entry and it immediately goes back into profit. You set your stop-loss right below where you had that large lot and now you just entered that trade on the trend up and so not only were you able to get catch the breakout you were also able to catch the trend up and that’s a little bit more of an advanced strategy.
So instead of having that, that 10% and you can triple if not quadruple an account if you do this, right. What ends up happening is your trade will look like this so you’ll have all of this as your downside and then you’ll have all of this here as you’re upside. So now you got that 10% instead of 5% upside with leverage.You can take $1,000 and turn it into $10,000 and I’m not recommending this if you have no idea what you’re doing. This is a skill that you learn as it makes you a great trader and guess what if you learn this, swing trading and long-term investing becomes a lot easier. One thing you can also do if you want to just trade real funds is just do this strategy on Binance without leverage and so you’re not risking much but you’re still getting in and out but I would just recommend mt4 for leverage trading. Most of this can be done on your phone and so that’s that’s what I want to emphasize.
Question: by SuperLB78
“Hello Naeem, I took profits on my BNB holdings but I would like to reestablish a long term position. How would you go about scaling into that position and what should I look for before liquidating it?
“So I have all of my charts listed that I trade; when i open my BNB chart Im going to have a BNB BTC chart and a BNB USD chart, why? Because i want to watch the satoshi value and the usd value when i’m doing a TA on altcoins. Why? Because Bitcoin has 56% dominance in this market. So I recommend you do a side-by-side chart.
So looking at BNB to Satoshi chart as a long-term investment question, you’d want to know how do you start dollar cost averaging into this? Obviously with the US devaluation on the monthly you can see what we’ve got you on the weekly chart is a parabolic run up right now and is that a bad thing? No that just means we’re in an uptrend so obviously this has intrinsic value. I made the video 2018 saying this was going to happen and we predicted this was almost a year-and-a-half ago. We know the USD Devaluation is just going to Skyrocket. Looking at the Satoshi chart right now it looks like we potentially found a support level where we’re starting to see kind of that reversal come with reversal wicks and buy candles. So one thing I will mention is if your dollar cost averaging into your long-term position, which is what you should be doing, this would actually be considered a good entry point.
What if Bitcoin starts to run up even more we see it dropped down to this next level of support here at 26000 satoshi’s right? So you don’t want to be caught in that full position if it’s starting to go down, but if you have you know, what a 10 or 20% of your position size in at that entry and you able to catch other entry point it so that’s why even when it comes to long-term investing you want to still dollar cost average and ladder your position in.
Also pay attention to the monthly chart to understand where to start taking profits. If you look at the monthly candle it looks like it’s starting a trend down it hasn’t even closed on a green candle yet. But if you’re dollar cost averaging and you believe in this long-term, than it doesn’t really matter because for the most part you in this for the long term when it comes to that investment.
Question: by Mark B
“Great advice, urge to fomo buy in can be hard is tether finally considered safe to sue now?”
I would say USDC TUSD is safe. Not USDT just because it was just a proven that didn’t have as much money to back their coins. On top of that they’re being sued by the US Attorney General’s office so I’d be very careful.
We’re going to go over some price predictions first and foremost let’s pull up the BTC USD chart we want to pull up this monthly chart because it’s a very powerful chart and you can see we are approaching this next resistance on the monthly which is right around that 8500 level so that’s really the next major point of resistance that were watching. The cool thing about being in this type of parabolic trend is it’s going to be pretty easy to know when this tops out and it’s going to top out the same way we saw the 2017 run up top out and it’s how most of these parabolic run ups will top out and it’s pretty much with this huge wick to the upside which pretty much just crazy amounts of momentum in a short period of time before you see the huge drop down.
When we look for this top to just blow off that’s when we want to either start going into a phase of shorting the market or going into the phase of taking profits from not only your long-term Investments but your swing trades, your day trades and you want to stay as liquid as possible and ias hedged as possible to prevent yourself from getting caught up in that. It’s cool because 3commas offers an option that allows you to just liquidate your whole Binacne portfolio with one click of a button and stuff like that will really come in handy.
What’s very interesting thing about this chart is we’ve got all of this this sell pressure starting to deplete and we’re getting into this this buy mode and so it should be very interesting to see what plays out here at these resistance level. If we start to see this resistance level break that’s going to be a confirmation that we will potentially see price levels go to 10,000 US dollars that will be the next target and at that point we’ll have all the way from around that the $8600 level to 10k d to be able to set up long positions with swing trades with altcoins, depending on how they react as well as day trading long positions on the way up to that next target and once again we will know when that occurs because we’ll see that crazy momentum to the upside. What could happen is we see the momentum to $10,000 and that’s the top and then we see that huge pullback that will probably take us back down to around $6,000 to $5000 and that can turn into a consolidation period.
So my entry point for my long-term investment and my long-term portfolio for BTC would be right in that zone at that $6000 level if that breaks down that next dollar cost averaging points going to be around that $3500 level, I don’t believe that will happen. I think at most, we may see a see 4k BTC but that really depends on how this tops out and how high this tops out.
Transitioning to the Stock Market and traditional markets, we are starting to see them top out due to us being in a 10 to 12-year bull run. With traditional stocks and we haven’t seen a pullback that we need to see for a correction. We believe people are getting tired of stock market and traditional assets and the the only other option is Real Estate or Bitcoin. We’re seeing way way more interest on an Institutional and a development side we’re seeing a lot of these these large companies starting to want to develop their own Technologies, but that’s really the rough estimates of technical analysis right now that I would consider. If were to go an look at the weekly what it could potentially do is form an almost rounding bottom pattern.
So the downside, the pop to the top here, before we see consolidation. That’s pretty much the biggest message here just realized that yes, we may see further upside, but that’s why you want to utilize different trading styles to take advantage of and make profits.
Dollar cost averaging something in right now as a long-term hold I wouldn’t recommend that I wouldn’t recommend large amounts of funds coming in and obviously institutions understand that as well because if you look at this daily chart you can see you know is really that 100 million dollar order that really shot things up. And that was a highest volume that we saw we know that was Institution. Now it can be potentially a mixture of institutional and Retail investors with this just parabolic and exuberant and it deserves to see some down side.
Question: by Rajendar
“What is the selling point and rebuy point for ETH in this run?”
With Ethereum it just recently broke out of its ascending triangle, which is very interesting and you can see we’ve got heavy resistance right around that $295- $300 Target. So we’ll probably see Ethereum hit that $300 level before seeing any sort of resistance and so that’s really that next target. When it comes to trading, you’re not a gambler. Being in a trade you want to see the right set up you don’t want to just enter it. So when it comes to take profit point right now, I would say that the first take profits would be right around that 300 level and you can see all of that consolidation and resistance at that $300 level. Your most likely going to see some dips and then a potential re-entry is going to be right around that support, which is going to be between that 200 and that 220 mark potentially even hit that 190 but that would really be that re-entry in terms of that DCA strategy. You could see here on the weekly as well that’s the consolidation point and you can see the different amounts of volume here. You want to be entering and exiting at these high-volume areas where it is either resistance or support.
Looking at the ETH BTC chart it’s going to be extremely important in determining whether it’s better to be holding Bitcoin or Ethereum. As you can see with this Bitcoin chart if we were to go on the weekly, you’ve got this really sharp push to the upside here but we do have some resistance here as well. We’ve got that 41 is resistance, 38 is going to be considered resistance level. So we are just starting to kind of come up from this this drop and in the past we’ve seen this come up and drop back. For me if I were to potentially assume what’s going to occur here, I think that we’ll see some upside and then I think that will take us at 38 level at 39 potentially at 41 level before potentially seeing any drop down and then we may find that turn into a support level and now we just won’t go below that 3200 as we did before. We have to also realize how its lost all of this Satoshi value and why it might be better to position yourself in Bitcoin. For the short-term we can assume that we’re going to continue to see upside here with Ethereum. You can see how the USD value starting is starting to trend up and it finally broke out of that ascending triangle starting to head up 385 as well on that bitfinex chart is also a pretty good in terms of resistance.
Now, it’s just a matter of time to see if Bitcoin is going to top out and then we see altcoins and ETH jump or is it going to be where Bitcoin tops out and then ATLS and BTC start to see the downside together. That’s why you have to be careful and not gamble in this market, just look for these good trade setups.
Looking at BTT I’m still holding that position right now when it comes to that BitTorrent coin you can see the USD valuation is skyrocketing right now iIt looks like it’s just not going to stop. You can see this look like it bottomed out here as well when we look at this BitTorrent to BTC chart. It looks like that 9 was that bottom which makes it a good time to dollar cost average into BTT in my opinion as a long-term investment.
Question:by Lawrence Brewer
“How do you feel about KMD?”
In terms of it being used for atomic swaps I wouldn’t say there’s tons of intrinsic value or use case every platform can create their own atomic swamps. t’s not something that I hear about every ay in my circles therefore I wouldn’t recommend it as a long-term investment.
Question: by User Rajendar
“What about LTC entry exit points?“
With LTC we are approaching this major resistance, I’d be a little careful right now with LTC its already broken out if tis ascending triangle. Eth is the only one that hasn’t broken out of its ascending triangle . In my opinion i would be taken profits at this point. Sell volume is a little higher than buy volume and can potainly start to trend down to lower levels. LTC is very uncertain with its intrinsic value so you have to be very careful when trading this. You always have to be cautious about the trend and its momentum either going up or down.
Question: by Michael Cerisano
Looking at ADA BTC and ADA USD and the overall trend here it doesn’t look bad we got all this volume coming in and it just broke out. We got all this potential upside to 1400, both charts don’t look to bad. The one things id be concerned about is all this sell volume month satoshi chart. We really have to wait on BTC to top to really see some more direction and signals come out for these altcoins. If you are trying to enter a position or re enter i would say that 600–700 Satoshi mark would be a great place to start dollar cost averaging if it is a long term position. There is a potential to catch a wick at 5960 if BTC starts to fall.
Once again, Thank you guys so much for being apart of this and I definitely think this is something you guys should all rewatch and go over again. Super excited for what the future holds for TPC and our Community!