OP & ALTs Resistance While I remain very bullish on crypto and alts I think this recent pump is not quite the true breakout.
I like the OKX:OPUSDT chart because it's price action has been a nice cheat sheet/ indicator for where the crypto market is. Significant peaks are usually the tops and clear support zones are usually the bottom in the market.
OP here seems to be replaying the same structure as last year. If it breaks out of this zone then perhaps alts are on the verge of the ultimate breakout. But in the past the major breakouts usually happen after a slow and gradual drift higher.
The timing can be off but just using last year as a guideline.
These sharp moves higher are usually shorts getting liquidated and longs jumping in from short term perp leverage traders which can be unsustainable for the true breakout back to ATH or new highs. There are exceptions like BINANCE:SUIUSDT
where it shorts get liquidated, longs pile in, and lots of late spot fomo buying occurs.
What invalidates this is if BTC creates a god candle breaking the 70k level from here and doesn't slow.
It makes a little more sense to me if we see alt season towards very EOY or towards the very beginning of 2025 if crypto as a whole shows strength here in Q4.
