*I don’t trade cryptocurrencies. The best strategy for trading a crypto bubble is a classic trend following strategy.
Here’s my outlook for various cryptocurrencies based on the aforementioned strategy.
Discretionary outlook based on charts
- Bitcoin is trying to hold its 200 sma
- Litecoin is trying to bounce off of its 200 sma
7:22 am. Bitcoin is trying to hold its 200 sma
Bitcoin broke below its 200 sma, reclaimed that moving average, and is now trying to turn it into support.
However, Bitcoin is still making a pattern of lower highs and lower lows like other major alt-coins. From a technical perspective, Bitcoin’s long term trend is pointing DOWN.
7:22 am. Litecoin is trying to bounce off of its 200 sma
Litecoin is trying to bounce off of its 200 sma just like Bitcoin.
This is a very weak bounce. Bearish price action. Remember: a very oversold market (Litecoin & Bitcoin) that can hardly bounce = bearish.
Litecoin is making lower highs and lower lows, just like Bitcoin.
Read Cryptocurrencies on February 11, 2018.