Hi Luc what do you think about the current panic (in BTC terms) that's happening. I'm using your method for LTC, ETC, DASH, XMR and BitBay (all great charts) but I'm feeling the heat because I bought a little early and they haven't re-bounced yet and are dipping even lower (knowing how deep a coin is falling is really hard to tell ;).
Do you think some will not bounce back and we have to work from a new lower base (like what happened with AMP) or because it's such a big panic it can take a week or something to go back to the previous base?
I Like your opinion on this because we're dealing with a serious dip here.
If you read the chart effectively and buy in when you really see a panic, then you should be fine on most trades, regardless of BTC.. but no trade is ever 100% guaranteed, and you have the adavntage of understanding why these alts are falling (because BTC is running up hard).. This is a big advantage, because your alt coin could be falling off a news type event, and that would trump all the technicals. But if its falling off BTC then nothing is really wrong with the coin.
so consider this.. take your trades to the next level, by taking into consideration BTC... let me explain..
So if your in Alt trades and you know that its a result of BTC running hard.. then when BTC corrects, you should be able to sell at a profit, but what happens if a few of your trades don't bounce as high as there bases, then you should sell at break even or even a small loss, If you feel that BTC has made its low, and your other alts have made the bounce you expected, then you have to assume that you might need to peel off some of the weaker ones... BTC is your guide in this case.. also next time you see that BTC is running up hard, you should allow for deeper panics on the alts before you start positions..
Im my case, as soon as I realized that BTC was starting to breakout, I sold whatever Alts that were in trades, and I have been only trading BTC since then.. All the Alts that I have free coins in, I am not touching. I only closed out the trades that I was presently in (a few days ago). Once BTC corrects and settles down, I will resume trading alts and creating free coins to add to my portfolio..
Wow thanks for your in-depth answer and opening the door to the next level. I'm ready!
Hey you, habla Español?
Luc is such a good teacher!
Thanks quickfingersluc! I feel like this basically covers my question above. Thanks again for taking the time. I feel very grateful to have this access to your way of seeing it all. Steem is great!