I believe Altcoins will experience accumulation through the rest of the year with breakout in the fall and start of a massive bull run. Perhaps they are left in the dust yet again as bitcoin experiences the beginning legs of the bull market. To me this reminds me of a basketball bouncing and if you drop a basketball on the concrete it will bounce and each bounce has a lower high all the way until it is nearly dead on the ground, yet if given energy (fresh capital inflows - profits from bitcoin moving up) it will start to bounce again.
A slow and long bleed in alt coins would really cause a lot of people to capitulate after underperforming in 2019. I could see this happen again, yet in fall all of those losses could be erased in a matter of weeks if not days.
This is for my own reflections as a trading journal and not to be taken as financial advice. I am using it for educational purposes to see how I progress in my abilities and skill as a swing trader.
A slow and long bleed in alt coins would really cause a lot of people to capitulate after underperforming in 2019. I could see this happen again, yet in fall all of those losses could be erased in a matter of weeks if not days.
This is for my own reflections as a trading journal and not to be taken as financial advice. I am using it for educational purposes to see how I progress in my abilities and skill as a swing trader.
Note
Another scenario I see is another two month decline in October to December Timeframe with a breakout in January 2021, which would be pretty much exactly 3 years since the start of the bear market. Jan 2021 could start the bull market in Alts with a breakout above the blue resistance line, this probably is the most likely scenario.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.