Welcome to Pure Investment’s 5th bi-weekly installment of Retirement Shark. Throughout this publication our aim is to provide you with in-depth medium to long term fundamental and technical analysis on various prominent crypto assets. Our objective is to assist you in crucial investing and trading decisions within the cryptocurrency market. This week, we will be covering the BAT project.
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.
The Altcoin market over the past week has been bullish for the top coins but for the lesser known coins it has continued to stay slow. In the upcoming week I will be looking to the lesser known coins to start making moves upward as money flows deeper into the altcoin market. Market sentiment has been positive and as we progress through this week it will be important to retain this positivity as in order to get the market moving.
Trading patterns are known as one of the more reliable indicators that traders will use to identify risk to reward ratios when hunting for trading ideas. If you're subscribed to any of our other publications at Pure Investments you'll most certainly be familiar with some of the more popular trading patterns such as Bull Flags, and Pennants etc.
New month, new gains! Bitcoin is making some moves along with the market as I’m writing this after showing signs of accumulation. I think the sideways movement we’ve seen lately is great for Bitcoin as SEC have a deadline for comments on ETF’s today, and they will come with an announcement shortly after. They will then either approve or deny nine different ETFs. SEC news got a history of either spiking or dumping the price a lot.
Before we jump into today’s publication, let’s quickly recap the top picks that were featured in the previous installment of Altcoins Edge. SNT - Breakout entries partially filled around 630 sats, price action has since dropped back to 600 sats. The chart is still showing bullish signs on the 1 hour and 4 hour, I would look to scale in further around 605 sats support with stop losses staggered around 10% below average entries. Support levels are currently 595, 580, 565 and 550 sats LRC - Breakout entry around 1910 sats just barely missed by 10 sats and has since dropped to 1810 support which also appears to be 50 EMA support on the 1 hour. I would just wait it out and stick with the current support and breakout entries, no need to start scaling in yet.
Before we jump into today’s publication, let’s quickly recap the top picks that were featured in the previous installment of Altcoins Edge. ZIL - Accumulation zone 2 (market entry) partially filled around 530 sats as price action continues sideways. We're yet to see any volatility, still waiting on either a breakout or support entry to be filled. NPXS - Breakout entry partially filled around 26 after a public announcement was made that NPXS will be directly partnering with Bittrex exchange. Continue holding on to your breakout position for now, and look to scale in further if we drop back to support around 24 sats. Targets are still the same.