Only brave traders will keep alts now.
In conclusion, this is not the time to buy or hold alts but to trade bitcoin only.
Expect to see at least 40% drop in alts' values soon.
- upcoming delaying of CBOE's will make bitcoin's price to drop hard again
-During this current btc 's rally, alts DON'T pump as other previous bitcoin's rally. I know a lot of people are waiting for alts to pump but if we think carefully, this time is TOTALLY different. All of money are concentrated into btc and trading bots has tried hard to make alt-usd price to follow btc during the pump. However, some can't follow properly and dropped very early like Ethereum . With the upcoming dump of btc , alts will definitely start dropping crazily
-institutional investor (smart money) has actually PARTLY joined the game . Smart money will only buy CHEAP not expensive.
- Lot of alts are famous at 90-100% retracement and right now we are just only around 75% retracement
In conclusion, August is not a good time to play alts . You will be burnt hard. This is the time to trade bitcoin exclusively . September might be a better situation for alts
MISSING TRADES is better than LOSING $.
Note: this is discussion post only, not financial advise
I will say that we are in accumulation range now. According to the chart, yes we still have room to go lower but they are still considered as accumulation area
Conservative buyers should wait for next week for clearer picture and pullback because we are in weekend now which is easier to pump.