What Altcoins Survived the Crypto Bloodbath?
Top Altcoins (8 charts) - 05/8/2024
Let me start by saying that the only positive aspect of today's crypto crash is that it isn't a crypto-specific event. This is a global liquidity event that impacts all markets, hitting everything hard. These events are unpredictable, which is why we, as traders, always use stop losses to protect our portfolios from wipeouts. This is also why I only maintain five open trades at a time.
During times of high volatility, it's crucial to closely monitor which altcoins are showing the strongest signs of recovery. I will be removing the weaker altcoins from my list that are no longer in a strong uptrend and replacing them with new trade setups that have a high probability of success.
Losing is an integral part of the trading journey. By accepting small losses and focusing on trades with a high win rate, the cumulative effect of our wins will eventually outweigh the losses, leading to a winning portfolio that grows over time.
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My criteria for selection:
- Price History: Altcoins must have a price history of over one year.
- Liquidity: Altcoins must be listed on major exchanges like Binance and Coinbase for good liquidity.
What to Expect:
- Buy Levels: I'll share charts of the strongest altcoins, including detailed trade setups for each.
- Risk Management:
I set a stop loss to ensure I lose no more than 1% of my portfolio.
I take profit when my target is reached.
I maintain a maximum of 5 open trades at any given time.
- Dynamic List: Altcoins showing weakness will be replaced by stronger ones.
- Mindset: These trades can span multiple weeks. Given their high probability winrate, it's important to let them fully develop.
Top altcoins (8 charts)
I’ve tightened both the stop losses and take profit levels, as I anticipate a brief bounce that could be followed by a continued downtrend.
Daily chart levels to watch:
(* means it's a stronger altcoin)
*$SOL $127 area support
Stop loss at 98.29
Take profit at 188.93
Risk / Reward ratio: 2.16
Note: Entry on trade since last update.
