If you got caught in the dip with a bag of rocks, there's still hope for us here. And if you bought the dip, you've got balls! But if you're looking for a confirmation to dip your toes back in the Alts market, I say pay attention to the following technical confirmations in play:
1) Ichimoku Cloud: Alts.D daily candle breaching over the Ichimoku Cloud. So let's...
Of course a very different mood today, 1st of the week following the massacre of the weekend. So what do we see here:
1) Alts.D trending nicely above the 100D EMA. => Today's candle close will be a good sign for hope.
2) BTC.D is losing ground while BTC is moving up and the Alts.D going up further. => Another good sign.
3) All Alts are in green, some breaching 50%...
The bloodbath was brutal over these past few days, and the Alts were the biggest losers where many fundamentally solid large caps lost more than 70% of its value in 72 hours.
What are the readings?
1) Total Market Cap lost 50% of its value
2) Alts.D lost 50% of its value too
3) BTC.D is increasing on the expense of Alts.D
4) Alts.D closed below the 100D EMA...
It is a weekend, where weekends are usually bloody but considering that the market has been bleeding for few days already, we might have a bit of a relief... though in order for this to materialize, this 4H candle that just started need to stay above the marked support line.
If it stays above it, we might have a double bottom here for Alts.D and get a green...
It is straight forward and simple, while most were caught off guard in today's plunge, for traders to gain confidence back in Alts, Alts Dominance need to close above the 50D EMA.
Alts.D came long way over the past few hours. Will it close there today? Tomorrow?
Well, that is yet to be proven. But rest assured if Alts.D close above the line, Alts will recover...
