I am an amateur! This will be my first time posting and analyzing something that is not a shitcoin. Be gentle, but constructive feedback is appreciated.
Overall: TOTAL2 is at support, defined by the black parallel channel. This channel has stayed intact since the coronavirus market crash mid March. There have been multiple touches of the bottom of the channel, the more touches the higher the likelihood that support will break. That being said, it is support until it isn't.
Reasons to be be bullish on Alts: TOTAL2 at support, BTC dominance in a short term downtrend, BTC is so far stable since the dump on Thursday. Many low cap altcoins have been performing well and breaking multi-year downtrends.
Reasons to be bearish on Alts: TOTAL2 has been rejected by a long term down trend line, BTC dominance is at support (possibly forming a bear flag to head lower? or It's consolidation for reversal? I don't know). Highcap and midcap altcoins have NOT been performing well as a whole, save for a few outliers (e.g. Cardano, Stellar, CRO coin, plus a few others). Summer is also generally when altcoins do poorly (past two summers anyway).
Reasons to be bearish on Cryptocurrency short-term: The stock market rally seems to be over. If Cryptocurrency and Traditional markets are correlated, then down they both go. We saw that they both crashed together in March, could it happen again? I'm not experienced enough to provide a forecast, so I can only draw on what has happened.
I feel bearish, but being bearish at support is not very smart. If the support BREAKS, then I shall be bearish. For now, I remain bullish. I have a hard time delineating these feelings, but I keep trying to tell myself to be bullish at support and to be bearish (de-risk, take profits) at resistance.
If you think that support will break: take profits if you haven't already.
If you think support will hold: then keep on keeping on and wait for another round of pumps, maybe the mid and highcaps will join the party.
Overall: TOTAL2 is at support, defined by the black parallel channel. This channel has stayed intact since the coronavirus market crash mid March. There have been multiple touches of the bottom of the channel, the more touches the higher the likelihood that support will break. That being said, it is support until it isn't.
Reasons to be be bullish on Alts: TOTAL2 at support, BTC dominance in a short term downtrend, BTC is so far stable since the dump on Thursday. Many low cap altcoins have been performing well and breaking multi-year downtrends.
Reasons to be bearish on Alts: TOTAL2 has been rejected by a long term down trend line, BTC dominance is at support (possibly forming a bear flag to head lower? or It's consolidation for reversal? I don't know). Highcap and midcap altcoins have NOT been performing well as a whole, save for a few outliers (e.g. Cardano, Stellar, CRO coin, plus a few others). Summer is also generally when altcoins do poorly (past two summers anyway).
Reasons to be bearish on Cryptocurrency short-term: The stock market rally seems to be over. If Cryptocurrency and Traditional markets are correlated, then down they both go. We saw that they both crashed together in March, could it happen again? I'm not experienced enough to provide a forecast, so I can only draw on what has happened.
I feel bearish, but being bearish at support is not very smart. If the support BREAKS, then I shall be bearish. For now, I remain bullish. I have a hard time delineating these feelings, but I keep trying to tell myself to be bullish at support and to be bearish (de-risk, take profits) at resistance.
If you think that support will break: take profits if you haven't already.
If you think support will hold: then keep on keeping on and wait for another round of pumps, maybe the mid and highcaps will join the party.