Today was a rest day for me as I did only a few trades today to scratch the itch. I checked that BTC was sill on a downtrend, so that meant my biases tend to lean towards shorting unless of course I catch breakout plays or some solid bounce plays.
As always, anything I mention here is not financial advice but my thoughts and my plans on the tokens discussed.
BTC Situation
What seemed like a solid support at 42.8k was broken earlier today, and a bounce was seen in the 42.1k area. On the hourly TF, it seems like it may consolidate between 42.1k to 42.8k. The daily chart still looks like it will go down but the hourly is already showing signs of a possible short term bottom. There is a hidden bullish divergence in the RSI and MACD so expect there to be a bounce soon. As long as the uptrend in the hidden bullish divergence continues, then we can expect a solid pullback soon enough, before it continues it's downtrend direction, as indicated by the Daily TF.
My Trades Today
GMT
GMT was the playground where I earned the most today. The strategy here was to play on momentum of the breakout, which occurred earlier today. I sold on strength and was content with the earnings from GMT. When I made some quick trades here, I would always short as my bias was a lower high was being formed and the downtrend is still there.
WAVES
The downtrend of WAVES is pretty strong. Any potential bounce has been relatively weak and now I'm just waiting for a solid pullback to this intense downtrend. Think of it as dropping a tennis ball; the stronger the crash the higher the bounce. It seems like the DT here is really strong and keeps breaking my expectations.
Credits
- Charts taken from Tradingview.com.
- Pictures made using Canva.com