I've explained in a previous post why I am not convinced that the bottom for ETH is in. This is because the 1 on the monthly Elliot wave is so far away from the bottom we just saw last month that doesn't mean I'm not expecting eth to continue rallying this year I just think it will put in a lower low next year.
I am however bullish on the XRP chart, essentially the "2021 bull-run" is a corrective structure from the 2018 bull-run as well as forming our new monthly 1. That doesn't mean I don't think a new low is impossible but I think there's a very strong case for the XRP bottom to be in first. I would be surprised to see XRP set a new low from here.
The majority of altcoins do not have a clear EW and haven't taken out the lows of the last impulse or their last "alt season". Both XRP and ETH as well as BTC took out the low from the last impulse they had or the last alt season in 2018. Many major altcoins from the 2018 Bullrun such as Iota& ADA also followed this pattern of taking out the low. When these lows get taken out it can be hard to pin a bottom FTM despite dropping over 94% has not taken out the root of the last impulse.
Did you think you caught the bottom?
This is why I'd avoid a hot "shitcoin" like Solana. This isn't to bash Solana it's to show why I think buying most coins from this cycle despite coming down a lot might still not be the best buy. Most coins people are talking about follow this exact pattern they're down about 80% from the ATH and people think it's due a big rally. On average altcoins fell 97% in 2018 so you have to be prepared to sell most of your "shitcoins" like Solana,FTM, NEAR on any retracement rally. That doesn't mean you can't make money swing trading shitcoins you just need to make sure you aren't the one left holding the bag.
The EW count points towards this being a potential bottom for XRP so I have been buying XRP on leverage and adding to my spot position. I will be taking profit on the retracement rally incoming for BTC.
This is why I'd avoid hot "shitcoins" like Solana. This isn't to bash on Solana, I'm trying to show why I think buying most coins that had crazy returns in 2021 despite coming down over 90% might still not be the best idea.
Most coins people are talking about follow this exact pattern they're down about 80% from the ATH and people think it's due a big rally. Retail is obsessed with "Ethereum" killers despite the fact 90% of the "Ethereum killer" blockchains have no real use case and might not even exist in 2024.
On average altcoins fell 97% in 2018 so you have to be prepared to sell most of your "shitcoins" like Solana , FTM , NEAR on any retracement rally. Most of the coins you're holding won't be the hot "shitcoins" of the next bull run.
That doesn't mean you can't make money swing trading "shitcoins" you just need to make sure you aren't the one left holding the bag when they go down over 90%.