$LDO
Strong against BTC, but let me use it as a nice example of how to properly use a diagonal trend line to trade most effectively.
Using diagonals alone is quite sketchy.
1. The pair needs to be relatively strong against BTC.
2. It needs to be trading around a POI.
3. Diagonal trend shift + structure.
4. Beating a key level that was previous support. In this case, it is the previous week's low marked on the chart.
If BTC can't reverse upward from its shift in flow to the downside, it means nothing, but if BTC simultaneously switches, it can move.
This means if you long alts right now, you are playing the chart, but the larger asset that is in control can ultimately negate your trade. So that is something to always be aware of.
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