Trend is Your Friend

Quick lesson as everyone goes alt hunting....

Remember the trend is your friend, [or your worst enemy]. 

My worst fear personally is seeing a decline in my Bitcoin holdings as I catch crap with low liquidity alt coins before it runs to $250K in a couple years. Bitcoin has a massive bull flag on the weekly, most major alts are massive bear flags off the 2018 high. Very simple. Before chasing an alt, know what you're getting into to vs. Bitcoin. It may be shortlived as it fights all that overhead resistance. 

Exhibit A, the EOSBTC chart. Very similar to so many pre 2017 majors. See how many times it popped and failed to put in a higher high on the daily, which is to say, it's locked in a downtrend. From a crypto perspective, this is throwing money in a dumpster fire. Seriously. If this is the major trend reversal it needs to prove out or you'll do yourself a favor and keep it short term. Let that higher high on the daily form. And, if it does ride it until it breaks, managing it with micro supports. I'm happy to share as they are made clear. 

I share this because endless subscribers have burned themselves hoping for the next alt bottom. I by and large exited alts in 2018 and televised it, and moved to short term opportunities as they showed.  When I look at a chart like this, It's pretty hard for me believe a bottom is in from this little bump. But let's see. I'm open. But right now, I'm playing grab and go. I don't give a rip what Twittersville says. That's for sheep.  I'll let market give me safe stops and roll. 

Screen Shot 2020-11-23 at 6.16.36 PM
Screen Shot 2020-11-23 at 6.16.36 PM
Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.