Welcome to the 23rd release of Leverage Traders educational copy. Last week we covered Heikin ashi ca- ndles and a long term outlook on BTC. This week it’s again about heikin ashi candles and more on how to read them properly. As well as a look at ETH on the mid term. If you got some requests of topics you want to be covered in the publication, make sure to let me know!
Welcome to Pure Investments’ 42nd installment of Altcoins Edge. Our team of talented analysts aims to provide you with multiple short-term profitable trading scenarios every Monday, Wednesday, and Friday. Today’s installment of Altcoins Edge will feature two top picks. Our team of analysts at Pure Investments have been liaising with each other scouting the market for profitable coins and hunting for potential fundamental and technical catalysts.
Before we jump into today’s publication, let’s quickly recap the top picks that were featured in the previous installment of Altcoins Edge. Due to the current nature of the market, today's publication will be geared toward coin picks that involve waiting for a pullback to support before entering.
In last week’s article, we recommended shorting from $5500 with a potential target of $5000. That target didn’t just get hit, it got blown out of the water. And I’ll be perfectly honest, I didn’t foresee a drop of this magnitude. We dropped about 40% in a matter of 5 days. But whether you were short from $5500 to $5000 or short from $5500 to $3400, we made a great trade last week. Now, onto this week.
So, full disclosure, as I write this article, Bitcoin is in the middle of potentially breaking down out of the bear pennant we’ve formed down here. If you’ve been following along in Discord we’ve been following Bitcoin all week in depth and at this point, just about all the analysts and myself agree that the most likely scenario right now is to head downwards once more, potentially to around $5000. If we haven’t broken down by the morning and you have the ability to short, it’s a fairly low risk short on Bitcoin anywhere around $5500.
As I write this week’s article, Bitcoin is in the middle of a mini move here in the last hour before the close of the candle Sunday night. So it’s going to be tough to get a good handle on this weeks article as far as recommendations go. That said, earlier today I noted in Discord this bullish divergence on the one hour timeframe. So it seems like the market is finally reacting to that divergence (red lines in the chart below).
This may come as a shock, but Bitcoin is in the exact place we left it last week! After a quick like $200 drop Monday morning, Bitcoin spent the rest of the week slowly grinding sideways until Sunday afternoon when it had a brief $100 run up right back to where we left it last week. As stupid as it sounds, my view on Bitcoin really hasn’t changed since last week. It’s still in a no trade zone for me, even more so now. Because of the quick drop and quick pop, it’s just really nearly impossible to get a good read on Bitcoin right now.