3 Charts say : ALTS Could PUMP!Hi everyone,
Question i get a LOT these days: ''Why BTC flies but most ALTs don't''.
Well that is usually the case, Bitcoin needs to rise first, them some money leaves BTC for ALTs.
Let's look at 3 charts that are in favor of a good ALTs mini-season ahead:
1. ETHBTC on support:
Bitcoin flies first, can ETHEREUM, the second biggest crypto and First ALT follow? Answer is very probably yes.
Shanghai is on but that's not scary news, maybe the contrary: Link
chart:
2. BTC Dominance at Resistance
Good for alts. Some money can flow from BTC to ALTs.
Chart:
3. Crypto Total Market Cap on Support
Chart:
Also note the fundamentals:
Inflation drops, Feds admit they are close (or late) to stop hiking: Link
One Love,
The FXPROFESSOR
TOTAL3 trade ideas
Is the altcoins season is going to take place?This is my opinion about the possible altcoins season. This narrative is just wild out of nowhere. The statistic and data that I got seems not supporting it as of now. The altcoins short term rally was only because of the BTC's pump. There isn't any source of fresh fund entering the altcoins market yet and the BTC's pair on the altcoins are moving in the lower high and lower low structure in majority. Enjoy the video analysis!
Altcoin marketcap overview excluding ETH and stablesHi all,
We are in the very critical area in technical perspective and waiting for FED's rate decision today.
It's important to identify the risks and opportunities and create different scenarios.
Let's start with a good scenario. If we keep the momentum and proceed to go up, I think it's very probable to go up till the immediate resistance area (60-70% increase) and this would give a good sell opportunity or converting altcoins into BTC. I do not plan to sell more than 30% of my altcoin portfolio as I'm a crypto maximalist and hoping to see even much higher values. I keep in mind that the best case scenario would be to reach the big target area which is almost 15x from here.
For the negative scenario, I would expect to see most likely support area which means roughly 50% reduction from here. Considering the momentum now I don't expect but if the market gets negative, this scenario would be on the table.
For the worst case scenario, I would expect to go down till 75-90billion which means 65-70% reduction from here.
It's non sense to make estimations if we go up or go down. Nobody knows about it. Be ready for 2 sided price actions and create strategies accordingly.
These are not financial advise. Please do your own analysis.
Cheers!!!
Total3Alt coins market cap
I think after the .236 retest and reclaiming the 2017 speculative high here we have a much greater chance of completing this IHS looking shape and see higher price levels
With banking issues worldwide the subsequent narrative will have to question what if defi?
And we should see some relief to the alt coin market cap if not the beginning of a new bullish cycle