The Momentum Behind Altcoin Breakouts Explained by Cryptocurrency Analyst
A cryptocurrency analyst is exploring why some altcoins are defying the overall market downturn and experiencing whole lot of breakouts. According to Michaël van de Poppe, a trending cryptocurrency trader, certain altcoins have even seen gains of up to 3x during the market slump. Although while major digital currencies like Bitcoin (BTC) are not performing as well, small-cap altcoins are showing momentum. Van de Poppe provides insights on how to trade these altcoins using a perpetual swap contract, or PERP, as an example. He identifies 3 key concepts that can be applied to trading smaller-cap altcoins: breakout plays, support/resistance flips, and breakdown plays. Van de Poppe believes that these concepts can be helpful for interpreting altcoin charts in the near future.
Hot Take
Altcoins are defying the market downturn and experiencing notable breakouts. Although while major digital currencies struggle, small-cap altcoins are showing momentum. Understanding concepts like breakout plays, support/resistance flips, and breakdown plays can help you trade these altcoins effectively. Pay attention to trends and chart patterns to identify probable opportunities for profitable trades.
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