A Story of Parallel Channels: Altseason
I think we are in a couple parallel channels that decide the fate of altseason.
TLDR: We could go up or we could go down.
If we break and hold above 410B on the Total 3 Chart (total capitalization of largest 100 cryptocurrencies except for ETh and BTC), then we pump another ~25% to the upper yellow box.
If we break below 350B in the next couple weeks on Total 3, then we dump to new lows imo at the yellow box ~45% below current prices at ~220B.
I think this could coincide largely with how risk assets perform through the end of may as the correlation has seemed to switch back from gold to QQQ.
I am gonna go net short on any pumps back up 405B level through margin shorts on LTC and SOL just because they move in less of a scammy way than other alts.
Please let me know any comments or questions.
TLDR: We could go up or we could go down.
If we break and hold above 410B on the Total 3 Chart (total capitalization of largest 100 cryptocurrencies except for ETh and BTC), then we pump another ~25% to the upper yellow box.
If we break below 350B in the next couple weeks on Total 3, then we dump to new lows imo at the yellow box ~45% below current prices at ~220B.
I think this could coincide largely with how risk assets perform through the end of may as the correlation has seemed to switch back from gold to QQQ.
I am gonna go net short on any pumps back up 405B level through margin shorts on LTC and SOL just because they move in less of a scammy way than other alts.
Please let me know any comments or questions.