Trader Cobb has unveiled his watchlist of altcoins. Which cryptocurrencies should you buy, and when should you buy them?
While hodlers wail and gnash their teeth over the recent bearish price action for Bitcoin, traders gear up to take advantage of volatility.
Craig Cobb, better known as Trader Cobb, said the Bitcoin price is looking bearish right now but looks a lot better when you zoom out.
“It’s in a downtrend on the daily and the weekly so right now it’s more bearish than bullish, but to give you some perspective, from the year’s low to right now, it’s still up 119%,” he said.
“So even though there’s a short term downtrend, the year’s not been bad.”
He clarifies the year hasn’t been bad for active traders. For hodlers, it’s been a bit uninspiring.
What you should do when Bitcoin crashes
When Bitcoin is crashing, Cobb tends to go short on BitMEX or Bitfinex to make profitable trades.
“When Bitcoin goes down it tends to drag the rest of market down and that’s when I tend to short. I focus on top ten, mainly Bitcoin, Ethereum and XRP as they are the highest volume,” he said.
He warns that would be traders there are many other options and they should learn what they’re doing first before trying to use leverage and/or short on these platforms.
What you should do when Bitcoin’s trading sideways
And when Bitcoin is trading sideways, Cobb tends to look for opportunities with altcoins.
“I’ve got a pretty heavy watchlist at the moment,” he said. “The longer the big dog stays sideways, that’s when you start trading alts … when it’s not volatile the alts tend to perform well against bitcoin.”
What’s on the watchlist?
Right now he’s got his eye on half a dozen altcoin opportunities.
They include Matic, “It’s been doing beautifully well for most of the year, up 289%” and Fetch.ai, “It’s outperforming the big dog quite significantly.
With these two coins, along with Digitex Futures, Enigma and Ripio Credit Network, Cobb is waiting for the price to pull back into the 10 and 20 day moving average – which he calls ‘the cradle zone’. This provides one of the key signals for a buying opportunity.
“I’m always waiting for pull backs, I don’t like to buy when its running away or when there’s a lot of FOMO,” he said.
Cobb is also long on Tierion and he’s waiting for a breakout with Raven Coin.
“Right now it’s starting to consolidate around its lows for the yeas and starting to look more bullish. There’s an opportunity around 0.00000315 if it breaks out,” he said.
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— TraderCobb (@TraderCobb) November 27, 2019
The post Which altcoin should you buy right now? Trader Cobb reveals watchlist appeared first on Micky.