My guy @Crypto_Gambit_ asked me for a macro alt overview today, so here's a thread presenting the facts on where we stand at the minute, and both the bullish, and bearish case, for alts.

Let's go.

1. First off let's take a look at the monthly chart.

Have seen few, if anyone, take this HTF perspective on it. Admittedly there is some confirmation bias in the line placement, but it still stands as valid here.

2. Here is that level on the daily.

The fact we've broken through is fine, this can still be the wick of the M1 candle, but we now need to see the level reclaimed before month end.

Note where the D1 RSI is.

3. The level I've been watching on BTC Dom has now just been tapped.

Again notice the position RSI positioning.

4. Now, I've presented you the bullish case, now the bearish.

Total Alt Mcap has a very well structured bearish divergence. Now, this does not mean if it takes effect that it has to come down necessarily..

4.2. ..Sideways PA can also reset this oscillator (if it were to go directly sideways here and the Alt Mcap were not to budge a cent for a month or so, this would gravitate much closer to it's point of equilibrium - the 50 mark).

5. This could also line up with the current BTC range we have formed. That's because it is an Mcap chart, paired and valued against USD. Typically, as BTC increases in USD value, so do the alts, vice versa. This will continue to happen until we see some definite decoupling.

6. The second bearish case is that the recent XRP news culminated in a heavy hit to the alt market last night. We saw some strong buy ups on some alts, but a pretty lacklustre follow through. Here is the M15 ETH/BTC to illustrate.

7. Now I'm not saying we can't reclaim the monthly level from here, but I need more confirmation before reducing my BTC/ALT allocation. I've bought dips on some longer term holds that I will DCA on, but as I'm able to challenge myself 2-2, things need to develop a little further.