Amidst all the recent bearishness on other cryptocurrencies (aside from Bitcoin) I have remained staunch in my opinion that altcoins could provide pretty substantial returns in a potential bull market, perhaps even outperforming Bitcoin once again. In my writing on the crypto market, I enjoy attempting to point out things that others might have missed. As you've probably noticed, I also like doing comparative analysis. I've even compared Ethereum's bottoming and subsequent rise with Amazon stock after the dotcom bubble burst. This comparison allowed me to predict the recent rise. In this analysis, I compare a number of prominent altcoins with the price action of Bitcoin during the 2015 bottoming period. It should be noted that this bottoming period for Bitcoin took roughly ten months (January - November). I have that bottom ending in November, since that was the first real impulse move out of the range. The massive volume bounces for altcoins after they initially reached their current bottoms could confirm that we have entered a drawn out accumulation period for many of these cryptocurrencies.
If we look at the NANO chart (used in this example because I like the project and think it's superior to Bitcoin as a p2p currency), you'll see that this bottom accumulation behavior is eerily similar to Bitcoin in 2015. The oscillators even align almost perfectly. Nano's bottom is taking perhaps a couple of months longer, but if this turns out to be the final shakeout move for altcoins (much like Bitcoin's August 2015 move), we could see NANO completing its first impulse move up by October or November this year (yellow squiggle). I give it a speculative target between $10-14, as that would confirm a break of the range and the start of a longer uptrend. THIS IS IN NO WAY GUARANTEED. I'm just presenting a bullish case based on prior behavior in the cryptocurrency market. This space is highly emotional because crypto has the potential to disrupt the entire fabric of our society in a number of ways, much like the internet. But this is a little different (and perhaps more powerful). Crypto could permanently change the way we use money.
I could go on and on in this analysis, but I'm just going to end the written section here, for now. You can watch my recent videos for more in-depth analysis/opinions. Below, I will present potential impulse targets for some of my favorite coins, if they have in fact seen the bottom. These are the ones that have made the cut for me. Depending on how the next year goes, I may diversify out or exit positions at particular profit levels. This is in no way financial advice, and I acknowledge that this is pure speculation. I may very well be wrong. The charts below show varying levels of similarities to Bitcoin in 2015. Some even look more bullish, as they've made higher highs and higher lows. Some look more similar (like Nano, XLM, and XRP). I'll also add that if we're going to see some moves up for some of these cryptos soon, Bitcoin may need to stagnate for a bit near current levels. I posted an analysis recently about an upcoming period of low Bitcoin volatility.
XLM with a potential initial impulse target of $0.45 - 0.50.
ONT initial impulse target of $4 -5
NEO initial impulse target of $40 - 50
VET initial impulse target near $0.03
XRP initial impulse target near $1.00
ETH has been following Bitcoin a little more closely (further away from the bottom than the others), but we could still see it head up to the $700-800 resistance zone if Bitcoin dominance drops.
A couple of speculative possibilities for Bitcoin dominance:
Alright that's it from me!
-Victor Cobra
If we look at the NANO chart (used in this example because I like the project and think it's superior to Bitcoin as a p2p currency), you'll see that this bottom accumulation behavior is eerily similar to Bitcoin in 2015. The oscillators even align almost perfectly. Nano's bottom is taking perhaps a couple of months longer, but if this turns out to be the final shakeout move for altcoins (much like Bitcoin's August 2015 move), we could see NANO completing its first impulse move up by October or November this year (yellow squiggle). I give it a speculative target between $10-14, as that would confirm a break of the range and the start of a longer uptrend. THIS IS IN NO WAY GUARANTEED. I'm just presenting a bullish case based on prior behavior in the cryptocurrency market. This space is highly emotional because crypto has the potential to disrupt the entire fabric of our society in a number of ways, much like the internet. But this is a little different (and perhaps more powerful). Crypto could permanently change the way we use money.
I could go on and on in this analysis, but I'm just going to end the written section here, for now. You can watch my recent videos for more in-depth analysis/opinions. Below, I will present potential impulse targets for some of my favorite coins, if they have in fact seen the bottom. These are the ones that have made the cut for me. Depending on how the next year goes, I may diversify out or exit positions at particular profit levels. This is in no way financial advice, and I acknowledge that this is pure speculation. I may very well be wrong. The charts below show varying levels of similarities to Bitcoin in 2015. Some even look more bullish, as they've made higher highs and higher lows. Some look more similar (like Nano, XLM, and XRP). I'll also add that if we're going to see some moves up for some of these cryptos soon, Bitcoin may need to stagnate for a bit near current levels. I posted an analysis recently about an upcoming period of low Bitcoin volatility.
XLM with a potential initial impulse target of $0.45 - 0.50.
A couple of speculative possibilities for Bitcoin dominance:
Alright that's it from me!
-Victor Cobra
Comment:
Very interesting moves by the market. Bitcoin drops below 10K yet again, though alts are remaining stable/bullish against it. If we are beginning a broader rally for altcoins, this particular moment would be psychologically challenging for traders, since many would expect a major breakdown for Bitcoin and be hesitant to enter the market...until it's too late, and most coins have already gone up 100-200% before they realize what's going on.
