From my research (twitter) and from my own due diligence in analysis, I've found BTC.D to be a good indicator of possible opportunities in terms of when to add or be weary of allocating to Alt coins.
Looking back form 2017, we can see that there are a few zones which have been respected over the years, most notably 38-61%. Currently price (and the alts) have had a strong momentum push breaking through the first line of resistance and is now approaching another historically strong zone.
Looking at more recent price action, price has also respected the recent downtrend line. In a downtrend price doesnt just drop, like in the first drop, we have to expect a retracement to test a previous level in order to continue going down.
With BTC making a new ATH, money is flowing out of ALT coins with a select few still appreciating in price. Is this the end up ALT season? I dont think so, but the possibility of a pull back is definitely close. This is just my view from a technical standpoint, of course fundamentals will play a big roll also in what happens next.
If we take a closer look on the smaller TF, we can also see suggestions also of a short pullback for a retest of the broken 61%.
My advice that isnt financial advice is to rotate out of ALTs that you cant see a plausible use or those that havent been stable over this past 1-month period. Though everything has been flying, now may be the time to take profits and protect downside. I.E trailing stop. However this depends on your entry, risk averseness and how much DD you are willing to take.
Let me hear your thoughts, in the comments, other views are welcomed. I'm here to get rich, not be right.
Looking back form 2017, we can see that there are a few zones which have been respected over the years, most notably 38-61%. Currently price (and the alts) have had a strong momentum push breaking through the first line of resistance and is now approaching another historically strong zone.
Looking at more recent price action, price has also respected the recent downtrend line. In a downtrend price doesnt just drop, like in the first drop, we have to expect a retracement to test a previous level in order to continue going down.
With BTC making a new ATH, money is flowing out of ALT coins with a select few still appreciating in price. Is this the end up ALT season? I dont think so, but the possibility of a pull back is definitely close. This is just my view from a technical standpoint, of course fundamentals will play a big roll also in what happens next.
If we take a closer look on the smaller TF, we can also see suggestions also of a short pullback for a retest of the broken 61%.
My advice that isnt financial advice is to rotate out of ALTs that you cant see a plausible use or those that havent been stable over this past 1-month period. Though everything has been flying, now may be the time to take profits and protect downside. I.E trailing stop. However this depends on your entry, risk averseness and how much DD you are willing to take.
Let me hear your thoughts, in the comments, other views are welcomed. I'm here to get rich, not be right.
Comment:
Zig Zag periods: 2, 5, 7, and 4 on the 3D all show reversal patterns.
Comment:
1M
1W
1W
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
