Focusing on CTX/USD its apparent that price is at a low compared to its historical price. This analysis will be solely based off trading views charting data regarding price action. I wanted to take a technical approach to analyze the situation since low market capitalization coins fundamentally might struggle to answer questions.
1) Even though bitcoin dominance is at all-time lows, the market still requires that BTC be in a general uptrend for the rest of the market to perform. As seen in the main chart, we reference three indexes (DEFIPERP, ALTPERP, SHITPERP) that try to capture price movements in the markets. Not only is a high correlation between said indexes visible but its assumed bitcoin is the momentum driver. So, for coins such as CTX to perform bitcoin needs to be in a general uptrend.
2) Lets now chart CTXUSD alongside BTCUSD. The sixty-five days CTXUSD spent above $20 creating an all-time high of $45, BTCUSD was ranging from $40,000 at its lows upwards of $67,000 also creating all-time highs. When Bitcoin begins to create lows in terms of price action that hasn’t been seen in a months, its expected CTX will have the same fate seeing more then modest lows.
3) We know bitcoin requires a “general uptrend” for CTX’s conditions to approve, lets now establish what a general uptrend looks like. My personal method to determine this uses the 20w SMA and 21w EMA indicator. In essence, if bitcoins price can stay above both lines a bull market is in effect. Likewise, if bitcoins price stays under the indicators a bear market is taking place. The 65d period mentioned in bullet two supports this as bitcoin was staying above the indicators showing a bull market was in effect.
4) To summarize the points made, it is likely that CTX’s price will begin to rise once bitcoin’s price action can establish a new general uptrend. There are many catalyst’s that can cause this like a potential pivot with the federal reserve, one thing for sure though is CTX will continue to play against the odds if bitcoin price actions stay suppressed.
1) Even though bitcoin dominance is at all-time lows, the market still requires that BTC be in a general uptrend for the rest of the market to perform. As seen in the main chart, we reference three indexes (DEFIPERP, ALTPERP, SHITPERP) that try to capture price movements in the markets. Not only is a high correlation between said indexes visible but its assumed bitcoin is the momentum driver. So, for coins such as CTX to perform bitcoin needs to be in a general uptrend.
2) Lets now chart CTXUSD alongside BTCUSD. The sixty-five days CTXUSD spent above $20 creating an all-time high of $45, BTCUSD was ranging from $40,000 at its lows upwards of $67,000 also creating all-time highs. When Bitcoin begins to create lows in terms of price action that hasn’t been seen in a months, its expected CTX will have the same fate seeing more then modest lows.
3) We know bitcoin requires a “general uptrend” for CTX’s conditions to approve, lets now establish what a general uptrend looks like. My personal method to determine this uses the 20w SMA and 21w EMA indicator. In essence, if bitcoins price can stay above both lines a bull market is in effect. Likewise, if bitcoins price stays under the indicators a bear market is taking place. The 65d period mentioned in bullet two supports this as bitcoin was staying above the indicators showing a bull market was in effect.
4) To summarize the points made, it is likely that CTX’s price will begin to rise once bitcoin’s price action can establish a new general uptrend. There are many catalyst’s that can cause this like a potential pivot with the federal reserve, one thing for sure though is CTX will continue to play against the odds if bitcoin price actions stay suppressed.