When altcoins season is going to start?
Updated
125 billions is crucial level for altcoins same as 6400 for bitcoin. Blue circle shows insane volumes, that means very strong consolidation is going. When altcoins break 125b level they will probably just fly like bitcoin did after a break of 6400.
But so far on weekly timeframe we can see total altcoins market cap is struggling a lot against 100ma and 125b level and failing to break them.This means we shouldnt be surprised if altcoins market cap drops below 100b next weeks. Some retracement after those weekly closes is very likely to happen.
But so far on weekly timeframe we can see total altcoins market cap is struggling a lot against 100ma and 125b level and failing to break them.This means we shouldnt be surprised if altcoins market cap drops below 100b next weeks. Some retracement after those weekly closes is very likely to happen.
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Monthly close was even worse than weekly closes, means we shouldnt be surprised if alts will be still dead next 1-2 months.Note
Even Ethereum looks not good comparing to bitcoin. At the moment hes on strong historical support of 0.025, but each bounce from this support last 10 months was weaker and weaker. We shouldnt be surprised if this support wont survive this time.Yes Ethereum has strong bullish fundamentals and his chart is also bullish and he should grow up in USD value. But as we can see there is a probability that bitcoin will grow faster and ETH/BTC pair drops.
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Bitcoin dominance chart clearly shows bitcoin dominance is in uptrend now. This is the first time when bitcoin dominance changed its downtrend since 2016. Thats why you cant compare current bullrun with 2017 one. Many people didnt believe in this bitcoins bullrun, thought it will eventually finish in big drop, or its even a manipulation, all because alts were dead. Nope its just another situation, altcoins season will start but not at the same time like it was in 2017.Target of that orange triangle is 71-72 zone, its also strong historical resistance level, also bitcoin dominance should meet ma200 here. Summarising all that we can expect some solid retracement of bitcoins dominance from this 71-72 zone. Since while previous bitcoin dominance correction was going alts were showing some strength, when bitcoin retraces from 71-72 zone we can probably expect alts to go up as well.
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This idea tells why bitcoin is strongly bullish and will be bullish next half of a year as well.
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By the way I'm running tg channel where I provide free high quality BitMEX and Binance trading signals. And this idea is explanation to subscribers why Im not posting a lot of binance altcoins signals as of yet.
Tradingview does not allow to post links, so search yourself on tg for "@Free_BitMEX_and_Binance_signals" or pm me for link.
Summarising all above the best variant in my eyes is not to trade altcoins yet, but to trade bitcoin on bitmex to accululate more bitcoins before next bitcoin strong upward move above 14000.
As of altcoins we need to see thier downtrend reversal to start buying them in deeps.
I will update this idea when there will be reasons to start buying altcoins.
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