I just looked at something very objective in the crypto market that I don't think many people look at.
The coinbases order book in dollars:
When I set the aggregation period to 5, meaning that I can see the orders every 5 dollars of change of the altcoins. In btc it is not so obvious, but in ETH and LTC it is very obvious.
We have a lot of support in the five digit size. Meaning 10 000 or more LTC, ETH on the bid and on the offer there are tiny orders in comparison, 2 3 4000 orders. Literally the first five digit resistance level in ETH is unseanable in the orderbook. In LTCs orderbook I can see two five digit resistances on the offer 35 and 40 dollars. Above that the first five digit resistance of LTC is at 180 dollars.
From all this, what I can get out of is that ETH has no resistance and the price can do whatever it wants. 5x 6x 7x from here if some buyers deside to step in.
And LTC above 40 dollars the first significant resistance level is at 180 dollars so the price can easily 6x from here.
So basically if you are selling/ shorting altcoins here you are an idiot in my opinion.
The coinbases order book in dollars:
When I set the aggregation period to 5, meaning that I can see the orders every 5 dollars of change of the altcoins. In btc it is not so obvious, but in ETH and LTC it is very obvious.
We have a lot of support in the five digit size. Meaning 10 000 or more LTC, ETH on the bid and on the offer there are tiny orders in comparison, 2 3 4000 orders. Literally the first five digit resistance level in ETH is unseanable in the orderbook. In LTCs orderbook I can see two five digit resistances on the offer 35 and 40 dollars. Above that the first five digit resistance of LTC is at 180 dollars.
From all this, what I can get out of is that ETH has no resistance and the price can do whatever it wants. 5x 6x 7x from here if some buyers deside to step in.
And LTC above 40 dollars the first significant resistance level is at 180 dollars so the price can easily 6x from here.
So basically if you are selling/ shorting altcoins here you are an idiot in my opinion.