ALTPERP trade ideas
Very hard to see this last move up as impulsive on altcoinsIt looks very much so like a corrective zigzag: lloks like we gone down soon
Altcoin season or Hell?Altcoin is having a high correlation with bitcoin's movement as well. We can't deny that this market is having a very high volatility if we compare to bitcoin. If bitcoin increases 1%, there might be 2, 3 or 4% in altcoins price. That's why a lot of people are interested to put some of their eggs on altcoins market. Some of us is waiting for the next altseason to come where most of the altcoins is having a very high percentage of gain. Will it come in the near future?
If we look at the altcoin index perpetual future, at least there are 2 perspectives that is related with current movement of the price. One is bearish but the other one is still waiting for more confirmation and potential push to the higher region. This what makes trading so interesting with some contradiction that occurs in the market itself. The first pattern that I see is the bearish flag pattern. You can see the pole of this pattern has occurred between the extra down trend on February - March 2020 and after that downward push, a flag pattern which is the uptrend channel occurred to give a sign of the flag. Lately, this flag has already broken down its support trend line.
The second perspective is there is another support trend line that has already formed since April 2020. Although the price has already broken down from the flag pattern, it's still trending above this support trend line as well. If we see it from another perspective too, this can be the support trend line for potential ascending triangle which usually ends up with price prints a higher high. The other factor that makes this very interesting is that the RSI is still trending on the neutral zone as well which indicates there is a lot of uncertainty occurs in the market.
There isn't any other way except waiting for more confirmation if you want to buy the dip on altcoins. We have to wait at least for the price to come closer to the APEX of the triangle to know where the next potential movement will go. Breaks out of the white resistance zone will leads to further increase in altcoins market, good for swing trader. But, breaks down of the yellow support trend line will be a hell!
ALTCOIN DAILY INDEXafter a strong Hammer candle two days ago we are seeing some good pull towards our strong resistance at 504
Altperp at turning point it seemsI'm considering both these options right now on #ALTPERP
If left option, then majors alts might finally have their moment to shine after ranging forever.
Both options are medium term bearish though.
Altperp: the line in the sandLet's keep it simple: Close below this trendline = bearish.
I still think a flat correction is on the way
BTC - SIGNALS FROM OTHER CHARTSHello, we saw another attempt to break the 180bn BTC market cap that is a resistence since March 18.
This is why I think this time we will break it
BTC dominance is in line with the setup drawed months ago. We are witnessing a loss of dominance of BTC after a spike in the bear period: this consistent with a "bull run" where alt (some alts, good ones) outperform BTC and gain market share. Here it is:
Alt dominance is confirming that, being about to break a triangle.
This altseason is being confirmed by the 3 indexes ALT, MID and SHIT. The first is a group of the top 10 coins, MID is coins from 10-30 and SHIT is top 80 coins.
When Shitcoins start to outperform safer coins it means it is time for a run. Here the charts
TOP 10 COINS
MID CAP COINS
SHITCOINS
Shitcoins grew 220% from min against 130% of top 10 alts, meaning that they have less way to go to previous tops. So they will either outperform more or the trend will move on MID and TOP10 now.
Anyway, things seem bullish to me now. What do you think?
Are we setting up for a flat correction on altperp ?Looks like we did 3 waves down, 3 waves up with 90% retracement, so looks like we should expect 5 waves down now 🤷♀️
Good time for alts?After this big move up price is now above important resistance and it is likely to become area of support if price of BTC won't fall down. As long as we se the price above orange box that is very bullish. We don't want't to lose this support on daily candle, but on 4H chart we can see some accumulation in orange box before going more up. In this solution it is great time to pick some alts.
ALTCOIN INDEX FUTURES BULLISH EMA FORMATIONIt looks as though we are due to see a large run with altcoin and btc over the next month.
Breakig resistamce?This is importatnt moment for ALTPERP because it need to break this resistance at 529.30 and try to break trend line or this support at 510.20 would not last long. If we see that 529.30 is becoming new support that would be much space for altcoins.
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ALt season coming?As long as we see candels in orange box it is likely to attack new highs, for that we need btc dominance to fall more down, but still there are chances to see some new mini alt season because if we see some pullback below orange box still there is strong support on 529.
ALT SEASON It's once again decision time for the alt coin market. Option A: Large cap coins rip 20% in a day, mid cap coins run 50% in a day, and scams begin to melt faces ripping 50x in a day. Option B: Alts tank at least another 20% before another bullish set up can be found.
Sorry but i just can't be bullish on altcoins right now... I'm really trying hard to be a bull, cause i'd like to belong to the club you know...
But everytime i try i start seeing things like that...
#ALTPERP #AltSeason #altcoins
