ALTCOINS BLEEDING - HERE ARE THE KEY REVERSAL LEVELS!
Summary
TLDRIn this market update video, the speaker analyzes various altcoins, highlighting potential buying opportunities amidst a market dip. They discuss impulsive wave patterns, corrective moves, and Fibonacci levels, using injective as a case study. The video also covers trading strategies for altcoins like fet, GRT, avax, and others, emphasizing the importance of patience and technical analysis in identifying entry and exit points for trades.
Takeaways
- 📈 The speaker provides a market update focusing on altcoins and potential buying opportunities amidst a dip.
- 🔄 The speaker emphasizes the importance of following them on Twitter for regular market updates and analysis.
- 📊 A detailed chart analysis is given for Injective, highlighting a 5-wave move and subsequent correction, suggesting a potential short opportunity.
- 📉 The speaker discusses the technical analysis of various altcoins, including FET, GRT, and AVAX, noting patterns and support levels for potential trades.
- 🤔 The speaker expresses uncertainty about the future movements of certain altcoins, stressing the importance of not being 100% sure in trading decisions.
- 📌 The significance of Fibonacci levels and the prevalence of 1:1 relationships in corrective moves are highlighted as key technical analysis tools.
- 📉 The speaker mentions taking profits and re-entering short positions in certain altcoins, emphasizing the importance of managing risk and taking profits along the way.
- 📈 The potential for a bullish setup in ETH is discussed, with the possibility of a 50% or 61.8% correction presenting a buying opportunity.
- 📊 The speaker uses RSI and MACD indicators to look for divergences on shorter time frames, which could signal a potential bounce in the market.
- 🚫 The speaker advises against holding large positions in altcoins where they are not confident about the pattern or future movement, such as with SOL.
- 🧐 The importance of patience in trading is stressed, with the speaker suggesting waiting for the right opportunities rather than rushing into trades.
Q & A
What is the main focus of the video script?
-The main focus of the video script is to provide a market update on various altcoins, discuss potential buying opportunities, and analyze chart patterns to identify the next moves in the market.
What type of analysis does the speaker use to evaluate the altcoins?
-The speaker uses technical analysis, specifically chart patterns, Fibonacci levels, and momentum oscillators like RSI and MACD to evaluate the altcoins.
What is the significance of the '1, 2, 3, 4, 5 wave move' mentioned in the script?
-The '1, 2, 3, 4, 5 wave move' refers to an impulsive move in the market, typically followed by a correction. It's a pattern that traders look for to predict potential future price movements.
Why did the speaker take a short position on Injective Protocol (1INCH)?
-The speaker took a short position on Injective Protocol because they identified a completed corrective move upwards with a good risk-reward ratio and a one-to-one (1:1) relationship in the price action, suggesting a potential downward move.
What does the speaker mean by 'bull trap' in the context of the market?
-A 'bull trap' refers to a false signal of an upward price movement, often occurring at the end of a downtrend, which lures in buyers but ultimately leads to further declines in price.
What is the speaker's strategy when shorting the market?
-The speaker's strategy involves identifying potential short opportunities based on technical analysis, taking profits along the way, and avoiding getting caught in a 'V bottom' where the market suddenly reverses and shoots upwards.
What is the significance of the 'A to C ratio' in the script?
-The 'A to C ratio' refers to the relationship between the first and third waves in an impulsive move, often being a 1:1 ratio, which is a common pattern in Elliott Wave Theory.
What are the speaker's thoughts on the potential future movement of the altcoin Fetch (FET)?
-The speaker believes that FET has completed a corrective move and could potentially break its lows, indicating a further downward movement.
What is the speaker's approach to trading when there is high market volatility?
-The speaker emphasizes the importance of patience, waiting for the right opportunities, and not rushing into trades during high volatility.
What does the speaker suggest about the potential buying opportunities for altcoins?
-The speaker suggests waiting for a significant pullback or a clear consolidation before buying, using technical analysis to identify these opportunities.
What is the speaker's view on trading Solana (SOL)?
-The speaker is uncertain about Solana's pattern and does not have a clear stance on its future movement, suggesting that traders should be cautious and not trade every single altcoin without certainty.
How does the speaker evaluate the potential of Cardano (ADA) in the current market cycle?
-The speaker does not see much potential in Cardano for long-term holds, as it has not shown strength in its price movement and is struggling to find support.
What is the speaker's advice on handling uncertainty in the market?
-The speaker advises to do nothing when uncertain, emphasizing the importance of not trading without a clear understanding of the market patterns.
Outlines
📈 Market Update and Altcoin Analysis
The speaker begins by introducing a market update video, focusing on altcoin analysis. They discuss potential buying opportunities during market dips and emphasize the importance of following their Twitter for regular updates. The analysis includes a detailed look at Injective's price action, identifying a five-wave move and a corrective pattern, suggesting a potential short position due to the risk-reward ratio. The speaker also mentions using Fibonacci levels to identify flag patterns in corrections, which can signal buying opportunities. They conclude by highlighting the importance of technical analysis in predicting market trends and potential entry points for trades.
📊 Technical Analysis of Altcoins and Trading Strategies
This paragraph delves deeper into the technical analysis of various altcoins, including Fet, GRT, and AVAX. The speaker describes corrective patterns, support and resistance levels, and the use of indicators like RSI and MACD to identify potential trade opportunities. They discuss the importance of patience in trading, waiting for the right opportunity rather than reacting to every market movement. The speaker also talks about different scenarios for market recovery, such as a V-bottom or a more gradual consolidation, and how to adjust trading strategies accordingly. They emphasize the need for technical analysis to build a solid trading thesis and the potential for significant profits from well-timed short positions.
🤔 Trading Uncertainty and Selective Altcoin Approach
The speaker expresses uncertainty regarding the future movements of certain altcoins, particularly Soul (SOL) and Cardano (ADA). They discuss the difficulty in predicting market movements with absolute certainty and the importance of not trading without confidence. The speaker shares their personal trading strategy, which involves focusing on altcoins with clearer patterns and avoiding those that are less predictable. They also mention the potential for altcoins to test previous support levels and the importance of monitoring market developments. The speaker concludes by advising viewers to be patient, objective, and to base their trading decisions on technical analysis rather than market noise.
Mindmap
Keywords
💡Altcoins
💡Market Update
💡Technical Analysis
💡Wave Move
💡Fibonacci Levels
💡Support and Resistance Levels
💡Shorting
💡Divergence
💡RSI and MACD
💡V Bottom
💡DCA (Dollar-Cost Averaging)
💡Patience
Highlights
The video provides a market update focusing on altcoins and potential buying opportunities during market dips.
The speaker shares regular market updates on Twitter and discusses impulsive moves and wave patterns in the context of injective (INJ).
A detailed chart analysis of injective is presented, highlighting a 1-2-3-4-5 wave move and a corrective move upwards.
The speaker identifies a potential short opportunity in injective based on risk-reward and a completed corrective move.
A discussion on technical analysis and the importance of identifying prevailing trends and potential follow-through moves.
Analysis of the altcoin Fet (FET), noting a similar corrective pattern and a significant price drop.
The speaker's initial shorts on FET at 2.66 and the importance of taking profits and managing positions.
GRT is highlighted as another altcoin with clean patterns suitable for shorting, but it hasn't reached the lows yet.
The use of RSI and MACD indicators to identify divergences and potential bounces in altcoins.
The speaker's approach to trading, emphasizing patience and waiting for the right opportunities.
A technical analysis of AVAX, noting one-to-one corrections and the potential for a price reset after breaking lows.
The concept of buying on pullbacks and the importance of Fibonacci levels in technical analysis.
The potential for a V-bottom recovery and strategies for entering long positions in altcoins.
ETH is presented as having a somewhat bullish setup, with a possible five-wave move and a correction area.
The complexity of analyzing SOL and the uncertainty in its pattern compared to other altcoins.
The speaker's approach to trading uncertain coins like SOL and the importance of not trading without confidence.
A brief analysis of older coins like Cardano (ADA), noting significant lows and potential support levels.
The importance of in-depth technical analysis and the legwork involved in examining various coins.
The speaker's focus on newer coins and those that have had a great run in the current cycle for trading opportunities.
An introduction to an in-depth training program for improving trading skills and techniques across various asset classes.
Transcripts
in this video as promised we do a quick
market update we're going to have a look
at a few different altcoins and I'm
going to show you the next levels I'm
looking at and where I think could be
the opportunity to buy which is probably
what a lot of people are looking at at
the moment either you're holding through
or you're on the sidelines hopefully a
lot of you or you're holding cash usdt
usdc Etc and you're ready to buy these
massive dip opportunities for
potentially a next leg higher so let's
have a look at that first of all um
again on Twitter I've been updating
regularly so I do regular Market updates
make sure you're following me there
first link in description below um
there's another short I took and this
was on injective so a little bit of
chart analysis here for you so um those
of you interested in this when you see
impulsive moves five wve moves as I've
discussed before you can see this is a 1
2 3 4 5 wave move on injective when
everything else was dumping injective
didn't really move down at all and I was
wondering initially with the move up is
this a one two and are we going to start
a 3 four five are we going to do an
impulsive wave upwards um which is
always possible even if you have a
little bit of overlap because sometimes
you can have diagonals leading up but
what this turned out to be was a very
very nice correction and the good thing
is with corrections it's kind of not
very easy to spot but it's reasonably
easy to spot Flags because you get this
sideways price action but also you get
FIB levels um which relate to each other
so these moves up for example this final
three-legged move up you can see trace
the perfect one to one relationship
which is a very common a to c ratio so
when you see this happening and you know
all of the other altcoins are completing
similar patterns what's interesting
about injective it wasn't really dumping
when everything else was tanking like
fed and GRT and stuff here it didn't
really drop much it just went sideways
and then actually had a really good
rally 177% and then I took a short
because mainly because risk reward here
is really good but also because I saw
this one toone relationship and I saw
the fact that it's probably completed a
full corrective move upwards there was a
one one here and then there's a
connector and another one one here this
is all a big correction up more than
likely can never be 100% sure obviously
but if this is true what does that mean
anyway when it comes to technical
analysis what that means is um the
prevailing trend is this way the
correction is upwards so it's like a
dead cut bounce it's like a bull trap
all of this and then we're going to
follow through so potentially we're
starting to now follow through now in
theory technical analysis if this
follows through completely it should
break the lows now why am I interested
in this because the percentage to go all
the way back down is a lot 40 odd per.
which when you're shorting the market is
a lot in terms of potential profits now
will it go all of that way that's the
question we'll wait and see how it goes
but let's have a look at others which I
talked about a lot on the channel in the
past um few weeks so you can go through
my videos and see that analysis where I
go into a lot more depth but basically
it was the same thing thing in a
nutshell with fet here you can see the
same patterns all of this being a
correction and then this broke down so
first of all it broke this level of
support then this one and then it broke
the lows and it broke the lows quite
hard like very very impulsively to the
point that it's still dumping very very
strongly and if you look left now we're
looking at next support levels and when
it went up there was a lot of Blue Sky
when when you see uh any altcoin go up
and there's not a lot of consolidation
points along the way it can go down
equally fast like a falling knife almost
so here there's a t tiny bit of support
here about 130 so that could be
potentially a level where we could see a
turn but that's kind of the levels I'm
looking at or the next period of
consolidation is 108 crazy to think we
were all the way up here in the 2 point
whatever and it's dropped that low but
literally my initial shorts on this were
all the way at 2.66 so this percentage
wise is very good now I didn't hold
right through I took profits got back in
I'm actually shorting it again now as
well and that's every time we get that
corrective setup and we get a potential
sell-off what I don't want to happen
when when you're short in position is to
get that V bottom uh and we suddenly
shoot out so you you have to kind of
take profits along the way but that's
the levels I'm looking at for Fed so
much lower the other ones I've discussed
um one of them GRT is another one I'm
shorting and I love to short because
again it makes very very clean patterns
but notice it hasn't reached the lows so
that's why I'm still the shorts still
open and I'm in a lot of profit on this
but because we still got potentially a
good bit of move to go maybe 15% or more
there's no point I've taken a little bit
of profits but I may as well hold the
short now and see if we can go the whole
way now if we do go the whole way it's
quite possible that we get a massive
bounce and what I'm looking for there is
divergences up puts so I usually use
indicators like RSI and the macd these
are momentum oscillators so just to show
you these I've got them set up a simple
templates along with volume it's these
that I look at on a shorter time frame
so if we look at a 4H hour firstly I'm
looking to see Divergence there is a
little bit of Divergence developing now
so if we suddenly turn in the next day
or two and this HS this kind of
Divergence you can get a big bounce with
some of these but the thing is some SS
like I said could have a lot more
downside however some could turn before
so some if they if they um get to the
lows like GRT fat and stuff like that
take a turn first while the others are
still correcting nothing's going to time
at the same time but that's why I look
at lots of altcoins that's really helped
me when it comes to technical analysis I
have a look at a few before I I develop
my thesis on what I think is going on
with allcoins avax is another one I've
shorted a lot and I've talked about a
lot on this channel but notice that same
thing loads of one toone Corrections and
stuff and it was a great short for me
but notice we still haven't broken the
lows we're at about to though so as soon
as you break lows you give the the whole
altcoin a chance to reset potentially
and the next levels on here I've talked
about already on previous videos a lot
is 27 still haven't got there yet that's
a level and then we're looking much much
lower so we're looking prenty resistance
here at 24.5 but the main consolidation
level is around 2122 so a good bit lower
um but then I'm definitely in all all
coins looking for Longs now I don't know
if it's going to be sharp and vbottom
like that I don't know that you can't
predict the future like that I just know
that the targets are going to be lower
than these lows if we stick to technical
technical analysis that's what's helping
me build these positions however if it's
a V bottom then that's fine your a pin
or you DCA in slowly or you wait for the
first move out of the blocks and then
the first pullback and you buy on the
pullback so let me show you how that
works with technical analysis so let's
zoom in here so this was avax back in
January and you can see it does an
initial move up it can do an initial
impulsive move then pull back it's still
going to pull back the first move is
always going to be 50% or 62% correction
these are FIB levels so I use a lot of
Fibonacci in my analysis so that first
pullback is called a wave two you can
buy on the pullback you don't have to AP
in on the first move if you don't know
if that's correction or not wait and see
if the pullback holds and it starts
moving up again and then go in you have
a little bit more percentage certainty
that's all so that's where it helps so
if we get that that V bottom that would
be great the other problem is if we get
something that grinds into like an
ending diagonal and stuff and then it
might take a you know a a couple of
weeks or so to work itself out that's
fine too you just have to be a little
bit more patient and wait and again you
can DCA but really the best thing you
can do is honestly just wait for
everything to turn and then buy in
especially if you're a little bit
nervous and you really don't want to
hold on to 10 20% losses even just just
wait like there's no rush um one of the
skills of a Trader is patience patience
very very important wait for the right
opportunities so for example in the
middle here it was hard to look for
shorts I took some shorts here took some
profits and stuff like that but then
when it gets very very choppy sometimes
you just wait wait for your targets to
be hit or a target range these swing
highs and then you take your position
wait for the right opportunity so you
can see everything selling off a lot
wait for your opportunity it could sell
off a lot more we can still got another
20% or so I'm not saying we will I'm
saying it's possible because it's
possible why do you want to uh
potentially take that risk here doesn't
make any sense let's have a look at some
others so the only really one I think
has somewhat of a bullish setup is eth
only because from these lows here it's
possible that it um uh kind of made a
five-wave move it's possible but then
remember what did I say after a five wve
move we need to have
50% or a 618 correction we're going into
the that area now so if it nicely goes
into here consolidates a bit that's a
buying opportunity so you didn't need to
buy here you could wait for the first
large pullback and then get involved as
well now if this is the start one two of
the next big move and we're going to get
a wave three now this will definitely
break alltime highs so not only the Feb
Highs but the all-time highs which are
higher out of all of these salana is the
only one that's a little bit tricky
because it's a little bit in between e
and the other all coins that was said
before and it's a little bit trickier
for me to kind of work out exactly
what's going on with this pattern
because my issue was always this looked
like a three-wave move down if that's a
three-wave move down and three move back
up then this is the correction but it
was a very deep High correction so then
this move here could now get a partner
and then we reset and we move on that
was initially always my thought the only
problem is when I saw eth move then I
was wondering if we've traced an initial
five W move here it would have been a
very weak move it looks very corrective
to me so I'm still not 100% sure but if
we get any consolidation here above this
low and then we start to push High then
we know that this was indeed the low we
never know anything for 100% sure but
what do you think I'm doing with soul
what am I doing I'm not 100% sure I'm a
Trader I'm not 100% sure about this I'm
way way better when I'm trading Fetch
and avac and injective and stuff like
that way way better here I'm not sure
what do I do nothing I do nothing you
don't have to trade every single allcoin
this one I'm not 100% sure about on the
way down I did take some shorts take
some profits I don't hold a position in
Soul apart from the salana I have for
trading meme coins I have a good bit of
salana there but otherwise I'm not
holding any large positions of Soul cuz
I don't know I don't know how this is
going to play out with everything else
dumping and this looks like it wants to
test the lows just just based on the
patterns here that's how it's looking to
me that's my instinct here but again we
look at the levels we see how it goes
but because that's what it looks like
this could go back down to 100 and again
look through my previous analysis video
I've already talked about this talked
about the fact that salana could go a
lot lower what I was hoping for though
is 33 and then we stop about here
somewhere about 160 didn't expect it to
get to 190 though it was a very deep
correction but I think that was all the
buzz of meme coins celebrity coins stuff
like that really pushed it up higher
than expected that's what I think is
going on with salana but again I'm not
100% sure so I'm not going to take any
big positions either way on this I'm
going to trade the other alt coins that
I have most certainty about just going
to wait for this but if you ask me for
for my opinion you're like sadra you
have to tell me like what do you think
is going to happen honestly I think it's
probably going to challenge the low just
based on how it's set up now and I think
that these levels so pre where where's
the previous High 124 and then the
previous wave four was all the way
between 80 and 100 this kind of
consolidation area I wouldn't be
surprised if we nestled in here
somewhere and found our low there it
wouldn't surprise me but I don't know
for any any certainty at all with slana
what about some of the older ones that
used to be really popular like um
cardano let's just quickly have a look
at that and then uh by the way if you're
new to channel don't forget to subscribe
like I do regular Market updates regular
meme coin in-depth tutorials as well lot
of value on the channel so hit the Bell
Button as well this is cardano and we
can see we had new significant lows here
in June very much like avax and stuff
and then we had this initial move up
very very deep retracement now if if
you're calling this a five wve move
which I suppose you could argue is
although it didn't really move with any
strength cardano went pretty much
nowhere so it's not one I'm going to do
any long-term holds on because I don't
think it has that much potential but if
we're saying potentially it had its
first move there and it's just a late
mve in this cycle then we should be
getting some support here now and it's
not it's just really really struggling
you'd want it to stop at 6185 and try
and push up now yeah it could get to the
786 here that would be my next Line in
the Sand so this consolidation area
between 35 and 38 if it doesn't hold
there you know you shouldn't you should
just forget that this coin exists to be
really honest with you um and by the way
when you're doing in-depth technical
analysis especially when you're looking
for the next movs it's a little bit of
leg work involved because this is just
my main coins and then I have many many
more watch list of smaller coins
especially AI coins and you literally
have to go through each one of them one
by one like even stuff like Casper you I
have to zoom out to a daily first and
look through these but because the newer
coins are always going to do a little
bit better or the ones that I've already
had a great run this cycle those are the
ones I focus on more and I have an
in-depth training program where I go
through all of this with you we go for
higher time frame first then we go to
lower time frame and we look for setups
I even show you how to short the market
I show you all the different platforms I
use and second link in description below
is that program if you're interested if
you really want to take your trading to
a high level the techniques in there you
can use in any asset class it could be
memecoins crypto altcoins Bitcoin stock
market anything render for example is
another one I'm looking at is an older
coin but because it's pushed so far so
impulsively this time literally going
from one all the way to uh nearly $15
it's another one I'm watching it's
holding well above where it moved from
back in September so very very likely
it's going to test the previous support
levels here again we're seeing between 6
7 around that area but the Line in the
Sand for me is this probably this low
about 5.9 you really don't want it to
get too deep uh below that
otherwise you could argue that some of
these have had early tops unfortunately
in this cycle and you're looking at
different alt coins for that final leg
up maybe even a different narrative I'm
not there yet where I would say that but
you have to be open-minded if you really
want to be objective and do everything
based on charts which is what I want to
do I don't care about the noise online
and what people are saying about this
and that everything's on the charts so
if really any particular coin is not
going to make it and it's clear on the
chart charts I just stay well away and I
would advise you do the same thanks for
listening
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