Crypto Update: BTC looking good?
The LTF price action over the last week has been extraordinary. Both the Bulls and Bears have had it equally rough.
The model thus far has been spot on. Early last week in the mid-week update Ominous signs readers were given a heads up of a correction.
The model has been picking up signs of loss of momentum on LTF.
There could be a 20%-30% correction on the horizon.
By the weekly close Model was sitting on 100% CASH.
We did get a good flush across the board.
Model also detected a LTF upswing in BTC at 27K which played out well too. As we speak we are over 29K.
In the last weekly update, the below was mentioned
So is the bull market over? It does NOT have to be the case. Nothing thus far is suggesting it. Until that changes, it's most likely a correction within a bull market which is NORMAL.
For all we know, it could turn out to be a shallower correction than what the Twitter influencers are calling for.
Models detecting early signs that this BTC rally could have more legs. but as always HTF close will give us the confirmation and will be covered in the Sunday update.
Also, another interesting insight is Alts are still looking very weak. So we could potentially have another BTC season.
If BTC rallies then Alts would move too in USD terms but the whole point of owning Alts is to outperform BTC, else why bother with the additional risk?
There are only a handful of Alts that are showing strength relative to BTC.
For those who like to actively trade, go easy on sizing but here are a few trades.
NOTE: Until we get HTF confirmation and go ahead to play offense, it would make sense to be nimble, manage risk, and get in and out of positions quickly should the LTF price action change.
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