[ad_1]
Risk assets are not loved at the moment, so keep that in mind as you deploy trading capital.
Helium fell a bit on Wednesday as we continue to see it bounce around the $9.00 level. We recently tested the 50-day EMA, which sits right at the $12.00 level. This is a market that continues to look very negative, and it’s likely that we will continue to see sellers flood into this market. It looks as if we are trying to form some type of “double bottom” near the $6.60 level, but it would not surprise me at all to see this market slice through there. After all, Helium is under the same type of pressure that most other crypto markets are.
Because of this, trading the Helium market is going to be the same as every other crypto market, at the whim of risk appetite. Helium is a relatively small market, so it’s going to be thought of as extraordinarily speculative. This will be especially true with the larger institutional money, so I just don’t see the catalyst for this market to take off to the upside. When you see this chart, it looks as if we are at least trying to build some type of basing pattern, but it would not take much to make this part of fall apart again. If we break it down below the $6.60 level, the next natural area to challenge would be the $5.00 level, where a certain amount of psychology comes into the picture.
On the upside, if we were to break above the $12.00 level, then it’s likely that the market could go running toward the $16.00 level. That’s an area where we had seen quite a bit of selling recently, so breaking above there would really make a statement. That almost seems impossible at this point, at least not until we see Bitcoin and other bigger coins take off. That seems to be unlikely, at least in the short term. I suspect that any rally at this point will probably be jumped upon by short-sellers, but that doesn’t mean anything other than it’s a risk asset. Risk assets are not loved at the moment, so keep that in mind as you deploy trading capital. If you are a longer-term investor, you may get an opportunity to build huge positions at lower levels, but you would need another “alt season” to make that profitable.
[ad_2]