cheynos
Long

Is ALT-season near?BIG update on (BTCUSD,ETHBTC,LTCBTC and more)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Today an update on 3 big players in cryptospace. I will talk about BTC , ETH and LTC, when will the alt-season start? This is my opinion…
Not so much TA today, I would like to make a point on how I look at this markets using BTC as the main coin of comparison.

BTCUSD:
First of all I want to start with the most important one, BTC .
So really nothing major has happened yet, we can see a 10% correction as reaction to our 50% uptrend of the last couple of days. Now BTC is trying to find support on several levels. Next big support level is at 7.45 level where our 0.382 FIB level is. As long as we don’t pass our uptrend level who could possibly be support line, I’m not worrying too much on BTC . I think that the area between 7.5K and 7.2K can possibly be another big support line aswell. When we would break down all these levels (chances very slim in my opinion). Than we could go back to our huge support level at 6.8K. At the moment the stoch RSI is telling us that we’re oversold so expect a green day tomorrow or the day after.


BTCUSDLONGS:
Another great thing to see is that more people are positive on BTC . More people are getting long at the moment. We broke back above our upwards trend line , which is very bullish .

ETHBTC:
A big downwards trend here, clear to see that BTC is outperforming ETH big time. We are now reaching an important support-line at 0.055. If we succeed to find support, we would create a double bottom , which would be a great foundation for the future. I’m expecting a small bounce at 0.055 which will be followed by a downtrend, my guess is that we’re not holding support at that particular level. My next target is at 0.047 .


ETHUSD:
We’re now on a huge resistance-line aswell, again I think this is too early, we’re not ready for a massive altcoin uptrend. We’ve broke our upwards support line which is very bearish . My next target here is 355. Although we’re in a huge oversold territory.


ETHBTCLONGS:
Very interesting chart aswell, this chart is showing how much people think that ETH will overperform BTC . (chart speaks for itself).

LTCBTC:
Interesting: we saw a 60% correction and we are reaching the oversold territory. Absolutely not the end, I expect a downwards trend to 0.0084, maybe to 0.007.

LTCUSD:
We’ve now reached a huge support at 76 usd. We’re nearing the oversold territory, could possibly see a small bounce at 76.

LTCBTCLONG:
Again same story, no one thinks that LTC will outperform BTC . Don’t see the point investing in altcoins at the moment, we’re nearing oversold territory aswell but should wait on this one.

So we can conclude that the altcoin season hasn’t start yet and isn’t close aswell. I think that it’s great to see BTC-dominance go up to almost 50%, all the alts getting in the oversold territory. We’re preparing for the altcoin launch but we need first to go down before we can see a uptrend. I think we will see a downwards trend for the most coins for the next couple of days with BTC out-preforming the alts. I'm very bullish in long term for crypto in general!


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