BTCUSD – Bitcoin Accumulation just under resistance
The price of Bitcoin continues its uptrend since early April. The trading range is currently between 8700-9000. A break down below 8600 would give us time to reconsider and trade the pullback. Traders should be on the lookout for a possible breakout over 9000. The key support level to watch is currently 8700 with price action still showing strong upward momentum. This range has been great to trade as the trend is currently up.
XLMBTC – Stellar Lumens accumulation before next leg up.The price of XLM has been in a very strong uptrend since Mid March. We will be holding onto XLM until Consensus.
IOSTBTC – IOST continues to push higher recently breaking 500 satoshi
We have been net long on IOST for over a month now. Featured in all previous trade analysis, IOST has been a major winner. What we do with major winners is continue to ride until the market gives us a signal otherwise. We will be looking for a bullish buy signal on a pullback or breakout trade. Both have been working well with IOST.
Aeternity – AE breaks out above crucial near-term resistance level
Aeternity moved higher initially last weekend right after a dip swept all crypto altcoin pairs. Price has been on an up-swing over the last month following heavy accumulation. Once again, we are waiting for another signal to add on this week.
Genesis Vision– GVT platform gearing up for a string of events.
GVT reached ATH’s during a massive bear market that was impacting all altcoins. This is impressive and is worth taking a closer look. Trading profits from other coins can be moved over to a coin like GVT. You should check out the alpha launch of their platform yourself to understand why you should be investing/setting up a trade in this coin for the long run.
BCH has been cruising hard this past week. Traders should look for a buy signal on a possible pullback before going long. There is news of a fork on May 16th which can be causing the the upward price movement along with a heavy increase in buy volume. We remain bullish on BCH and recommended waiting for a buy signal if you have not entered already.
Watchlist: XMR/XZC/KMD/NEBL and all privacy coins.
I have been moving a steady amount of profits over into privacy coins. They should perform well throughout 2018.
-It is important to keep an eye on how the btc market can impact altcoins. Will an increasing BTC give altcoins great buy entrys? Or will they continue to go up along with Bitcoin. If BTC fails to gain enough momentum to continue its trend, will altcoins continue to pump as btc falls? These are important questions you should be anticipating. Remember your only goal should be accumulating Bitcoin. There are also other options to long and short bitcoin with fiat, however that post will be for another day.
*You can short and long Bitcoin here with me currently on Bitmex.