tl;dr: If you're swing trading, Sell.
Bitcoin BTC:
tl;dr: Sell
Recovery is looking good for BTC. The MACD has shown tremendous growth since the end of January. In the Ichimoku Cloud we can see that the TenkenSen has crossed above the KijunSen, and the Chiku Span is trending up. One might think these look like "buy" actions; however, there are several reasons to be wary. First, the TenkenSen and KijunSen are below the Senkou A and Senkou B. Furthermore, the Senkou A remains below the Senkou B. While the distance may be shrinking, this is indicative of strong resistance. Finally, the Stochastic RSI indicates that BTC is overbought at the moment. These signs seem to point to a correction. Correction doesn't mean drop. Selling now means keeping an eye on the dip to buy back in. With capacity of the Lightning Network increasing, as well as momentum, BTC seems likely to rebound from this short correction with speed.
Ethereum ETH:
tl;dr: Sell
Ethereum appears to be in the exact same place as BTC. For those tracking the market, this may not seem too surprising. Looking at the Stochastic RSI, ETH has been floating in "overbought land" for over a week now. A correction is likely to occur soon. With the increasing popularity of NFTs on OpenSea, the large burn that occurred in January, and ETH 2.0 on the horizon, those who don't want to swing trade should feel more than comfortable HODLing their ETH. For those looking to grab some pips; Now seems like a good time to sell. Buy the correction later.
Binance BNB:
tl;dr: Sell
BNB HODLrs are probably frustrated that the price has dropped well below $600. I know I am. If you're swing trading, now is a good time to sell. The Stochastic RSI is indicating that a correction is already underway, as it is diving below overbought. The Chiku Span in the Ichimoku Cloud is leveling out, and the TenkenSen and KijunSen are maintaining distance. The Senkou A and Senkou B have widened since the beginning of February; but I wouldn't recoil too much from BNB. After all, I don't think HODLrs should sell, just swing traders looking to make some pips.
Despite news of a large phishing scam, BNB is showing incredible promise for this year. Their auto-burning mechanism has already burned over a billion BNB. Although this didn't pump the price, the downtrend likely has more to do with the general market trend than with BNB. If anything, the burn probably helped cushion the blow. Finally, Binance is leaning into the metaverse to become a leader. I think they've got a good shot.
Cardano ADA:
tl;dr: Sell
Like most tokens, ADA took a big hit earlier this year. The Stochastic RSI is floating in overbought territory and is poised for a correction. Transitioning to the Ichimoku Cloud; while the TenkenSen is below the KijunSen, the gap is shrinking. Furthermore, the Senkou A and Senkou B seem about to cross. The Senkou A crossing above the Senkou B would indicate a strengthening market for ADA. This should not be surprising. Cardano's network has increased 11%, the popular exchange Kraken praised Cardano, and new applications are released and updated regularly. There is some concern about the number of whale wallets growing significantly over the past few months. This too should not be surprising. People who believe Cardano is a good investment were certain to buy the dip in January. While this may raise some red flags in terms of decentralization, we will have to withhold judgement until Voltaire is finished. With a project like Cardano, it's important to keep in mind that despite all the progress; it's still very much in development.
*Disclaimer: This is not financial advice. I am a normal person sharing my thoughts. Please DYOR.
