Last Hope For Alts

There are bearish sentiments in the short term but things are looking like the conditions for a bullish continuation could be met. I’m following the previous market trend to provide prospects for how the market could once again respond to those conditions. In the past, around May, the market flipped bearish and altcoins crashed into the 200-day moving average (MA). It bounced from this point and made a corrective rally upwards, regaining more than half of its value after the crash. After that, the market cooled off and placed bids at the support of roughly 2,500. At this point, the 200 day MA was lost and the next crucial support was the 55 EMA which gave a stronger bounce that recovered up to 80% of the altcoin market dump, at the end of August. Right now, the market has repeated the dump and bounce that it previously did, on the 200-day MA and I will be bullish if we bounce off the stronger 55 EMA. It’s really closed so let’s wait and see. The alts may bounce hard to the previous highs and possibly print even new ATHs in the weeks that will follow it. On the other hand, it would be a gruesome bearish event if the 55 EMA doesn’t hold and support is also lost.