Reading these information within 10 minutes will surely develop your trading skills even further.
The BEST WAY to SPOT ALTCOINS that may RALLY (HIGHEST POSSIBILITY)
There have been a lot of indicators showing most traders what they need to see. This includes reversal points, support and resistance levels and so on. Although, there is this one specific way of determining when an altcoin will most likely takeoff.
Hence, we're here to talk about that today.
Have you noticed how most altcoins would follow almost the same movement as BTC but there are times when these altcoins have a different pattern? That's how most market structures should work. Especially an altcoin that has just been added to several exchanges. Therefore, it'd be wise to check the market structure of BTC and compare it with most altcoins.
Right now, we can see that BTC is entering its markup phase after the accumulation market structure has been completed. Now, take a look at most altcoins. You will notice that they've already established their accumulation phases and getting ready to takeoff. Meanwhile, some are still on the point of almost completing this accumulation phase. Having this knowledge about market structures will give you an advantage on how you should expect the price action of an altcoin would be. Accumulation phase will eventually lead to markup phase and this market structure will never lie for the rally that's about to come.
This is HOW Analyzing MARKET STRUCTURES will provide OPTIMAL RESULTS for YOUR TRADES!
The market has already provided you with all of the information you needed. You just have to understand them on a deeper level.
Let's get to the bottom of it.
Have you ever wondered why certain patterns form? This is not the only question that should come into your mind when looking at the crypto market. There should be several questions such as where does the market take the initiative to create such price action. What does an impulsive movement tells us and so on.
If you were able to ask yourself these questions. Then, you're already getting closer to becoming an expert.
All of the price actions in the crypto market are formed base on the sentiments of both buyers and sellers. This is the root of the price movements and not just because 1 trader want this specific price action. Take into account how the overall crypto market and every crypto trader would become the factors as to the next movement of an asset's price. The amalgamation of these traders' decisions, market's charts and everything that's happening within the crypto market will be the catalyst for the market's structure. Once you get to understand this fact, you will be able to see what the others won't potentially see.
These posts are for educational purposes. To guide the people who might still be struggling within the crypto market, those who are new to the environment and volatility and everyone else who needs it.
Stay wise, trade cautiously.