Read on Twitter
Thread
Seeing so many traders desperately waiting for some green candles on alt coins (vs. BTC), or even better a REAL alt season, I want to share my thoughts....
Maybe it helps you.
Long story short: I'm still expecting more downside for alts.
1/11
Seeing so many traders desperately waiting for some green candles on alt coins (vs. BTC), or even better a REAL alt season, I want to share my thoughts....
Maybe it helps you.
Long story short: I'm still expecting more downside for alts.
1/11
2/11
I don't see any signs of an upcoming alt season (sorry).
When checking Alts Market Cap, I see a downtrend (1), corrective bounce (2) and continuation down (3).
Green arrows are how alts seasons should start: a strong bounce after a selloff.
I don't see any signs of an upcoming alt season (sorry).
When checking Alts Market Cap, I see a downtrend (1), corrective bounce (2) and continuation down (3).
Green arrows are how alts seasons should start: a strong bounce after a selloff.
3/11
So, as long as Market Cap D is below that diagonal, I'm not expecting strong alts. Maybe a corrective bounce here and there (like past week) but the trend is still bearish imo.
No signs of accumulation either (in general).
So, as long as Market Cap D is below that diagonal, I'm not expecting strong alts. Maybe a corrective bounce here and there (like past week) but the trend is still bearish imo.
No signs of accumulation either (in general).
4/11
Upon that: BTC strength.... I think BTC isn't done yet with it's current cycle and will first print a new ATH and alts might have a chance when BTC cools down.
I see strong comparisons to BTC's late 2017 run, followed by a strong alt season early 2018
Upon that: BTC strength.... I think BTC isn't done yet with it's current cycle and will first print a new ATH and alts might have a chance when BTC cools down.
I see strong comparisons to BTC's late 2017 run, followed by a strong alt season early 2018
5/11
Let's check some charts to see how that would fit.
IMO it would make sense that alts suffer more, reach accumulation areas and/or print a spring before starting a real big run and start gaining some volume.
Current volumes remind me of volumes we saw in 2014-2015
Let's check some charts to see how that would fit.
IMO it would make sense that alts suffer more, reach accumulation areas and/or print a spring before starting a real big run and start gaining some volume.
Current volumes remind me of volumes we saw in 2014-2015
6/11
ETH: in my green box but bounce seems to be corrective. A drop below key level and accumulation seems likely.
ADA: already breaking that key level
BNB: same, breaking important level
ETH: in my green box but bounce seems to be corrective. A drop below key level and accumulation seems likely.
ADA: already breaking that key level
BNB: same, breaking important level
7/11
LINK: just broke down that bear flag. Sliding lower to the bottom of the range seems logical.
LTC: already broke key level, IMO on it's way to new ATL
VET: I think it could do 1 more leg in that pennant and break down support.
LINK: just broke down that bear flag. Sliding lower to the bottom of the range seems logical.
LTC: already broke key level, IMO on it's way to new ATL
VET: I think it could do 1 more leg in that pennant and break down support.
8/11
XRP: close to support, could bounce here but I wouldn't be surprised to see new lows.
XTZ: broke key level, bounce was rejected. A drop to bottom of that range seems most likely
ATOM: in my green box but corrective bounce. Will go to the bottom of range imo.
XRP: close to support, could bounce here but I wouldn't be surprised to see new lows.
XTZ: broke key level, bounce was rejected. A drop to bottom of that range seems most likely
ATOM: in my green box but corrective bounce. Will go to the bottom of range imo.
9/11
EOS: in free fall
ZEC: bounced from support but corrective....forming a bear flag
ZIL: printing a corrective bounce, likely to go to bottom of the current range.
EOS: in free fall
ZEC: bounced from support but corrective....forming a bear flag
ZIL: printing a corrective bounce, likely to go to bottom of the current range.
10/11
What if I'm wrong?
No stress, I'm not a fan of trying to catch bottoms. for Twitter fame. Previous bear market showed that was an excellent, money-saving strategy.
I'll be on the outlook for rebuying alts when they show impulsive moves, higher lows and break key levels.
What if I'm wrong?
No stress, I'm not a fan of trying to catch bottoms. for Twitter fame. Previous bear market showed that was an excellent, money-saving strategy.
I'll be on the outlook for rebuying alts when they show impulsive moves, higher lows and break key levels.
11/11
I don't mind missing out on the first 10-15% when a real alt season starts and alts are supposed to do 100's %.
I'm sorry I'm not that bullish on alts. It doesn't bring the most engagement, I'd better declare alt season 2x a month. But I'm a trader, not a marketeer ;-)
I don't mind missing out on the first 10-15% when a real alt season starts and alts are supposed to do 100's %.
I'm sorry I'm not that bullish on alts. It doesn't bring the most engagement, I'd better declare alt season 2x a month. But I'm a trader, not a marketeer ;-)
