— UPDATED ON MAY 9, 2018 at the bottom of the article —–
Mr. Thing here. Sorry to say, April has been the cruelest month – breeding lilacs out of dead land. We at BST were so content to be sucked into the morass of spring with things like deadlines and work and moaning about our moribund bitcoins and altcoins. But no, crypto waits for no man. And so it was for us when we took a gander at the charts this past week.
First we said, “FFrmph?”, followed quickly by “ye-gads!”. Our grandfather always said, the best time to hunt bears was in the spring – and by zeus he was right.
Both BTC and the altcoins are picking up steam, from a TA perspective. Our previous Adam and Eve double bottom for bitcoin seems to be playing out. Now we have entered into a great potential edge-to-edge trade which Mr. Thing just took today bringing new cash into the crypto space for the first time in a long while. Here it is on the chart.
This was a small cash position for us. But we felt it was worth mentioning.
Second we have been watching altcoins. Ethereum has been on the move recently as well as Bitcoin Cash which both just went stupid and doubled overnight from their recent bottoms.
For anyone who was in this space last year, this all should feel familiar. We at BST are expecting an imminent altcoin season which is being hinted at right now by the likes of ETH and BCH and is now being seconded according to Robert’s Rules of Order by the likes of Siacoin (SC) and soon Digibyte (DGB).
Here we see Siacoin posting an amazing candle which went edge-to-edge on the ichimoku cloud over the course of an hour.
Seriously, look at that wick. And even though it was rebuffed, it is still climbing.
And here we see DGB setting up for a potentially momentous move.
Note the last time the 50 MA crossed a flat 200 MA (yellow boxes on the chart).
And lest you were wondering why we chose these two. Check out the couple as they slow dance to 80’s throwbacks. SC is in bright green.
As a parting note – we wanted to bring up another trade we did today. This one is another edge-to-edge trade on GEO with a potential for at least a 2.8x from our entry where it touched the bottom edge of the cloud average entry of 27105 sats. This was only a .5% of our portfolio trade. But we felt it worth mentioning.
Stay safe out there in cryptoland everyone. Altcoin season may be upon us. ETH, BCH and SC seem to think so, DGB and GEO may confirm shortly. But if you’re from the midwest you know that while spring may seem sunshiny and warm, the weather is capricious and can change on a dime. And then those clouds you loved, well they just might hold tornados. So always know where your closest shelter is. PSA over.
UPDATE May 9, 2018: BST’s position in GEO got stopped out when it dropped too far below the cloud.
Remember TA is all about probabilities. So when the probability which you weighted at an 80% chance of success breaks down you exit the position and live to fight another day.
BST owns all of the crypto mentioned in this article.