While BTC went down.. Alts crashed.. OR .. corrected?
I present 3 layer 2 solution alts with 3 similar ABC corrections, but with 3 different structures.
In case this correction is finished we can clearly see an ABC correction, which could interlude a new bullrun.
On the other hand BTC has dropped from a significant high, and failed to reach the 60K, though we remained above the 1T BTC market cap as this is an milestone in history and could indicate a support level.
Bitcoin just had 1 leg down (on a smaller scale there was a leg down as well, but not as great in comparison as this one).
Alts had 2 legs down, and so if bitcoin would have a new visit to lower levels, we might have an ABCDE correction.
Worst case, we could have a major BTC correction in which we don't know yet how ALTS would behave, but they would probably outperform to the downside as well...
So be careful with trades and risk mgmt. On the other hand I don't quite believe on the long run we are done.
These alts are a free sample of what still undervalued top-coins look like.
So I am mostly long, but I don't have enough data to completely back my theory.
In case this correction is finished we can clearly see an ABC correction, which could interlude a new bullrun.
On the other hand BTC has dropped from a significant high, and failed to reach the 60K, though we remained above the 1T BTC market cap as this is an milestone in history and could indicate a support level.
Bitcoin just had 1 leg down (on a smaller scale there was a leg down as well, but not as great in comparison as this one).
Alts had 2 legs down, and so if bitcoin would have a new visit to lower levels, we might have an ABCDE correction.
Worst case, we could have a major BTC correction in which we don't know yet how ALTS would behave, but they would probably outperform to the downside as well...
So be careful with trades and risk mgmt. On the other hand I don't quite believe on the long run we are done.
These alts are a free sample of what still undervalued top-coins look like.
So I am mostly long, but I don't have enough data to completely back my theory.
Trade closed: target reached:
that worked out quite well