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.