Increased Probability of a SHORT term crypto bounce here
Updated
The DASH/USD chart because it is cleaner for the purpose of showing bullish RSI divergence on the hourly chart.
There is increased probability of a pop in the crypto market down here. Looking at the history of many coins over various time frames, this situation often leads to at least short term bullishness.
It is when there is a relatively quick dump, and RSI gets down to that 20 or 25 range, watch for a higher low on RSI and a lower low on price. (Also, it is not totally evident on this chart, but note the volume spikes coming in down here.) It does not ALWAYS work, but it is higher probability than trying to catch the knife and buy the bottom on the previous low. This is crypto, and if you are reading this, you likely are not a whale.... so don't be the guy trying to catch the knife.
IF this bounce does play out, I will look to close out quite a few positions. I see this market going lower, and I think we see the 'gap' from April 12 close before we see BTC at $10,000.
On a more moderate time frame, I would rather pay a bit more for a coin that cleared some obstacles, than to hold on to one as it loses another 30%. So I am looking to sell this bounce if it happens. And of course, the market is perpetually changing, so be nimble.
Travis
JMJ - UIOGD
There is increased probability of a pop in the crypto market down here. Looking at the history of many coins over various time frames, this situation often leads to at least short term bullishness.
It is when there is a relatively quick dump, and RSI gets down to that 20 or 25 range, watch for a higher low on RSI and a lower low on price. (Also, it is not totally evident on this chart, but note the volume spikes coming in down here.) It does not ALWAYS work, but it is higher probability than trying to catch the knife and buy the bottom on the previous low. This is crypto, and if you are reading this, you likely are not a whale.... so don't be the guy trying to catch the knife.
IF this bounce does play out, I will look to close out quite a few positions. I see this market going lower, and I think we see the 'gap' from April 12 close before we see BTC at $10,000.
On a more moderate time frame, I would rather pay a bit more for a coin that cleared some obstacles, than to hold on to one as it loses another 30%. So I am looking to sell this bounce if it happens. And of course, the market is perpetually changing, so be nimble.
Travis
JMJ - UIOGD
Trade closed: target reached
i commented 8 hours after this post, noting that a nice pop had occurred since publication. I closed out some EOS, ETH, and DASH and also commented that the 100MA on a 3 hour chart is a place to close more. EOS/USD did just that literally to the penny at 12.99.I still have some longer term stuff.... but this trade can be counted as complete. nice 18% move for EOS in less than a day if you caught it.
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