What A Boring Week In Bitcoin Trading But Alts Are On The Move
Not every week in the markets is going to be stellar. In fact, some weeks, you may go with only making a couple of trades here and there, depending on the assets you are trading. Bitcoin is the grandaddy of the crypto world and is what Wall Street has it’s eyes on, so everyone is waiting for it to make a move, but sometimes, it’s pretty stagnant and boring, this is one of those weeks.
What Happens When Bitcoin Is Boring
When Bitcoin is just kinda running still in the market, generally that is when the altcoins are running. If you see, Bitcoin Dominance has taken a bit of a tumble over the last couple of days. This means that more money is running down the marketcap into the other coins. That’s when you go hunting for opportunities elsewhere!
This is why I look at other assets in my watchlist like MATIC
Lately I have even added a few coins that I usually trash, but hey they trade great! That includes Solana and yes, even XRP. They move really well in ways that you can catch some great short term volatility. We need that because that is how traders make money!
You can see in the chart above that there have been some great short term opportunities with SOL this week, and in the chart below you will see how XRP has been moving.
If you were trading any of these coins over the past few days, you have had many more opportunities to make money than with Bitcoin. It’s not always the case, that’s why it’s important to watch the Bitcoin Dominance chart, and then even the DXY! The dollar index will let you know when to be out of all of them and in the dollar.
So don’t ever discount coins that you don’t really like, just because of your bias. You may miss some amazing opportunites to make some good money, then put those profits into any asset you would like!
My motto lately has been, don’t date em, just trade em. I have a whole post idea coming on that too, haha. Until then, happy trading my dudes!
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Additional Blog Locations
Many of my cryptocurrency related articles can also be found on my crypto research site, Coin Logic.
My main trading education related articles can be found on the Logical Trading Academy Blog page.
Disclaimer:
The information in this trade journal is for educational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any investment decisions.
