ALTCOINS BLEEDING - HERE ARE THE KEY REVERSAL LEVELS!

Summary

In 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

00:00

📈 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.

05:02

📊 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.

10:04

🤔 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.

Keywords

💡Altcoins

Altcoins refer to cryptocurrencies other than Bitcoin. They are an essential part of the video's theme as the speaker discusses various altcoins' market performance and potential buying opportunities. For instance, the script mentions 'a few different altcoins' and analyzes their patterns, indicating the focus on these alternative digital currencies.

💡Market Update

A market update is a review or analysis of recent changes in a market, often providing insights into trends and potential future movements. In the video, the speaker provides a 'quick, market update' to inform viewers about the current state of altcoins and their next potential levels, which is central to the video's educational purpose.

💡Technical Analysis

Technical analysis is a method used to forecast the direction of prices through the study of past market data, primarily price and volume. The video heavily relies on technical analysis, as the speaker uses it to interpret chart patterns and predict future price movements of various altcoins, such as 'injective' and 'fet'.

💡Wave Move

A wave move, often associated with the Elliott Wave Theory, refers to the pattern of price movements in financial markets, typically consisting of five waves in the direction of the trend. The script discusses '1, 2, 3, 4, 5 wave move on injective,' illustrating the application of wave analysis to identify market trends and potential reversal points.

💡Fibonacci Levels

Fibonacci levels are ratios derived from the Fibonacci sequence, used in trading to identify potential support and resistance levels. The speaker mentions these levels when discussing corrections and price relationships, such as 'trace the perfect one to one relationship,' showcasing their use in technical analysis for predicting price reactions.

💡Support and Resistance Levels

Support and resistance levels are price points that tend to have a high concentration of buying or selling interest, respectively. The video script refers to these levels when discussing potential buying opportunities and next periods of consolidation, such as 'next support levels' and 'main consolidation level,' which are crucial for traders to identify entry and exit points.

💡Shorting

Shorting, or short selling, is the practice of selling a security or other asset that the seller does not own, with the intention of buying it back later at a lower price. The speaker mentions taking a 'short' on injective, indicating a belief that the price will decrease, and discusses the potential profit from such a trade.

💡Divergence

Divergence in technical analysis refers to a situation where the price of a security and an indicator move in opposite directions, which can signal a potential reversal. The script mentions looking for 'Divergences up puts,' suggesting the use of this concept to spot potential buying opportunities after a downtrend.

💡RSI and MACD

RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) are momentum oscillators used to identify overbought or oversold conditions and potential changes in momentum. The speaker refers to using these indicators to analyze short time frames and look for divergences, which are part of the technical analysis toolkit for making trading decisions.

💡V Bottom

A V bottom is a chart pattern that resembles the letter 'V' and indicates a sharp and swift recovery in price after a decline. The video script warns against a 'V bottom' scenario where the price might 'suddenly shoot out,' which would be unfavorable for short positions, highlighting the importance of recognizing potential reversal patterns.

💡DCA (Dollar-Cost Averaging)

DCA, or dollar-cost averaging, is an investment strategy where a fixed amount of money is used to periodically purchase a particular asset, regardless of its price. The speaker mentions DCA as a strategy to consider when entering a position, suggesting it as a way to mitigate risk by spreading out the investment over time.

💡Patience

In the context of trading, patience refers to the ability to wait for the right opportunities rather than making impulsive decisions. The speaker emphasizes the importance of 'patience' as a key skill for traders, advising to 'wait for the right opportunity,' which underscores the need for discipline and control in trading.

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