Reading the Charts: Crypto Part 1

https://x.com/bernardiboots/status/1842976626621235247?s=46&t=OVjwBxvG-FKJq4ikgkEbIw Uptrends and down trends are either "Impulsive or Corrective". Currently, Bitcoin ($BTC) looks to be in an impulsive down trend. Impulsive moves are 5 wave moves that do not stay within parallel lines. Corrective waves are 3 wave moves that stay within parallel lines. The money is made within Impulsive moves - whether longing or shorting.

We are in constant search for these impulsive moves. You can find these movements when parallel lines are broken out of. $BTC looks to be currently in a impulsive wave 4 back up to resistance, which means that there is one more wave (Wave 5) back down. This is not definite, but is more likely. So, decided to short $BTC using $SBIT etf. Key point: The market currently follows $BTC very heavily so it is good practice to first make a $BTC plan before investing in altcoins.

https://x.com/bernardiboots/status/1843011824708624426?s=46&t=OVjwBxvG-FKJq4ikgkEbIw Here we have $Coby a fun meme coin under 10 million Marketcap, which means it is a high risk, high reward play, other wise referred to as gambling. Recently, saw an increase in volume and pumped to .014. You want to avoid buying in these situations and instead wait for the pull back to support levels. Here we see it found support around .005 as you can see the rounding motion which is a strong indicator of a reversal back up.

https://x.com/bernardiboots/status/1843027178407231659?s=46&t=OVjwBxvG-FKJq4ikgkEbIw Here we have $STRDY, a newer coin so riskier play, but part of the $TAO ecosystem, which has been on a recent tear. Here we see it break through that upper resistance line (Overall formation was a bull pennant) and also a vertical accumulation within parallel line that resulted in a nice run up from .85 to just above $1. Whenever a resistance line is broken we can expect a nice run up followed by a retest of that line which has now been flipped to support. Good practice is to wait for the retest and buy there.

https://x.com/bernardiboots/status/1842973651580445143?s=46&t=OVjwBxvG-FKJq4ikgkEbIw

Here we have $PRIME which has been on a recent tear as well. Waited for the pull back from the move up that formed into a bullish reversal pattern called a "Falling Wedge" as you can see by the formation the down move makes gets closer and closer from support and resistance. You can see the rounding out at around 9.50 range and then a break up to $10 stopped out by a larger timeframe resistance.