As Sundays tend to be used for family, I focused on reaching my daily quota and then didn't trade. Later in the day I decided to check the crypto situation, so I can organize my thoughts and prepare for tomorrow. As always, anything I mention here is not financial advice but my thoughts and my plans on the tokens discussed.
Also, remember yesterday's WAVES watchlist? I entered it right before sleeping and 8 hours later, it hit my TP. Aside from this trade, I did one GMT quick scalp for the heck of it.
BTC Situation
BTC's move was pretty interesting today. After yesterday's double bottom at the 42.1k, we see that it started consolidating in the upper part of the GannBox. This is good as it could be a sign for the confirmed bounce off the 42.1k area.
We'll see what happens in the next few hours/days and we can react accordingly. Remember, moves of our biases should reflect on BTC, unless we're sure that the movement has decoupled from BTC.
My Trades Today
WAVES
Like I said yesterday, the downtrend of WAVES is pretty strong. The slight pullback I expected to happen occurred earlier today, but my entry wasn't perfect. I was able to enter around 25, but set my CL 23.5. Thankfully my CL wasn't hit and I managed to get a profit by the time I woke up. My selling wasn't perfect but I was just glad to get my quota from this trade. The bounce was actually short lived as the potential downtrend continues.
Tomorrow's Watchlist
I plan to trade GMT for its volatility both long or short depending on the movement I see. For the others these are my plans.
I am looking to trade WAVES with a bias on long, depending on how it reacts to the 23.7 area. If it goes below it, I will wait for the next bounce on the downward trendline and continue to short. My bias however is 23.7 area should hold and a retest to break the trendline will begin soon for a better pullback.
As for NEAR, my plan is to short, as it touches the downward trendline. Let's see where the plans go!
It would actually be pretty fun if there were a new flavor of the week as the volatility would be really fun to trade.
Credits
- Charts taken from Tradingview.com.
- Pictures made using Canva.com