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0:00 Intro
2:00 Bitcoin-Altcoin Cycle
4:45 Bitcoin Strategy
7:59 Altcoin Strategy
10:35 Portfolio Adjustments
13:03 Choosing Altcoins
15:47 Conclusion
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⛓️ 🔗 Useful Links 🔗 ⛓️
► Bitcoin Dominance: Cryptocurrency Market Cap: How To Use Trading View For Cryptocurrency: How To Trade Cryptocurrencies: Wall Street Cheat Sheet: Bitcoin-Altcoin Cycle💱
The backbone of my personal crypto trading strategy is Bitcoin. This is simply because BTC’s price has a huge influence over the price of other cryptocurrencies
If Bitcoin dominance is going up, this means money is moving from altcoins into BTC. If Bitcoin dominance is going down, this means money is moving from BTC into altcoins
Once I’ve assessed Bitcoin dominance, I need to confirm that the market is headed in the direction that I think it is, and I use the total cryptocurrency market cap for that confirmation
📊Bitcoin Strategy📊
I always stick to longer timeframes, and if I’m looking to buy or sell BTC, I start with the monthly and the weekly
What I’m looking for here is a price pattern that could forecast future price action, and I reckon I see one on BTC’s monthly chart
Recently I’ve gotten into the habit of spotting what I like to call the topless letter P. This is when prices pump, pull back, and then pump again to the price of the initial pump
📈Altcoin Strategy📉
Once I’ve spotted a bullish pattern on the monthly, daily, or weekly, I set what I believe to be a realistic price target and take profits along the way as prices rise towards that target
Once I’ve taken some profits, I usually park them in USDC, though recently I’ve gotten into the habit of putting some of those profits into PAXG, which is a gold-backed token issued by Paxos
If I can see that prices have fallen beneath the Bollinger band range and the RSI is insanely low on the daily, this to me is the perfect buy the dip opportunity for BTC, ETH, and other large altcoins
💰Portfolio Adjustments💰
If we’re not in an altcoin season, I apply the same sell the top strategy I detailed in another video which I’ll leave in the description
However, if we are deep in an altcoin season and everything is pumping like mad, then the standard method of when I take profits can quickly become irrelevant
A great example here is Arweave’s AR coin which kept pumping, and pumping, and pumping against all odds
When an altcoin is doing this, I pay more attention to my percentage gains rather than the price or any indicators and patterns and take profits at certain increments (e.g. 50%, 100%, 150% from initial entry)
🤔Choosing Cryptocurrencies🤔
Whenever I happen to come across a new altcoin that seems to have some serious potential, I do as much research about the project as I can before I put down a dime
This because any new crypto investments I make are based primarily on the fundamentals of the project, and not so much on the technicals of that coin or token
Though not necessarily fundamental, another factor I look at before copping a new crypto to trade is its market cap
As I’ve mentioned many times before, the market cap of a cryptocurrency is ultimately what determines how high it could go, and not its sticker price, which can sometimes be deceptively low
I will typically buy as soon as I find out about the cryptocurrency’s potential assuming it’s not pumping like crazy. If it is, I wait for a pullback before entering my position
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Bitcoin #Altcoin #Trading #crypto #strategy #portfolio
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