is it finally time for at least a mini-alt season? This video is about why I was suspicious of the recent Bitcoin move up, and how the market continues to follow my June-July 2016 fractal pretty closely. Obviously it could deviate at any point, but I find this pretty fascinating.
What I don't mention in this video, is that I figured some big money would be dumped into some alts after profit was taken during this recent move up for Bitcoin. A leveraged long opening at $10K and closing at $30K would net someone an enormous amount of profit. Even a small fraction of that profit could easily ignite a bit of a pump for some alts, particularly with a Bitcoin dominance close to 70%. I mentioned this theory on Twitter. I should emphasize that it's only a theory...however current price action is currently supporting my suspicions, as the rally was sold quickly, and some alts are showing some pretty bullish price behavior (long wicks, increase volume, etc.)
This is not financial advice! This is just my way of documenting my experience with this crazy market. Hopefully you enjoy the ride as much as I do.
-Victor Cobra
What I don't mention in this video, is that I figured some big money would be dumped into some alts after profit was taken during this recent move up for Bitcoin. A leveraged long opening at $10K and closing at $30K would net someone an enormous amount of profit. Even a small fraction of that profit could easily ignite a bit of a pump for some alts, particularly with a Bitcoin dominance close to 70%. I mentioned this theory on Twitter. I should emphasize that it's only a theory...however current price action is currently supporting my suspicions, as the rally was sold quickly, and some alts are showing some pretty bullish price behavior (long wicks, increase volume, etc.)
This is not financial advice! This is just my way of documenting my experience with this crazy market. Hopefully you enjoy the ride as much as I do.
-Victor Cobra
Comment:
***closing at $13K not $30K. wooops.
Comment:
Last chance for alts to look bullish. Right at the trendline bottom again! We've been above the line since the beginning of 2017.
Comment:
Actually, shifting it to include the last bottom touch, we do have a little bit of room to go down, but not much! Should be interesting to watch.
Comment:
This is it. This will tell us whether or not alts are on a bullish trend.
