Should I chase the crypto rally?

Crypto market ripped higher so fast, many traders and investors were left behind.

We know the feeling.

Even our expert trade setups did not catch some of the biggest gainers.

There were signs of turning tide as BTC and many altcoins broke out of a Channel Down and Falling Wedge patterns. We alerted our members on those.

But we didn’t expect this vertical explosion.

We did catch many big winners like Chainlink (LINK) breaking through $9.00 resistance and above 200-day Moving Average (200 SMA), which is typically a signal of a bullish trend reversal. Price is up +30%.

(see video tutorial on how to detect bullish price crossovers above 200-day Moving Average)

And our AI Chart Pattern detection system was also signaling breakouts like this one for EigenLayer (EIGEN) detected three days ago (up +15% since).

The short answer is no.

There are still some solid breakouts that have some upside left but BTC and many altcoins are now way overbought and approaching resistance.

Take a look at the Momentum tab on the Screener, flashing Overbought. That’s when RSI (Relative Strength Index) exceeds 70 (scale 0-100). But in many cases RSI is now over 80. BTC reached 86!

When asset prices rise too high too fast, the RSI signals overbought, which is typically followed by a pullback.

So fight the FOMO and wait patiently for a pullback. Join our VIP members for signals when to enter this new bull market.

The good news is that there are signs of Uptrend and it’s still early. We’ve got 100%+ type of gains ahead of us.

Just look how far current prices are from 52-week highs and All-Time-Highs (ATH):

So for most traders and investors, the right approach is to stay patient for pullbacks.

There are always pullbacks even in the strongest of uptrends.

For more aggressive traders, overbought assets could be Short Sell trade setups.

Traders who believe that the market is due for a mean reversion, a pullback, could use some of the following Screener filters to find Short Sell trading ideas:

1) Assets that are in a Downtrend but have bounced up and approaching Resistance (see results)

2) Assets that are in a Downtrend but have bounced up and approaching Resistance and are Overbought (see results)

3) Assets that are in a Downtrend, approaching resistance and 200-day Moving Average (200 SMA) (see results)

You can save these custom filters (click on Edit Filter, then Save As).

And you can create Alerts as well (click on Alert icon)

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