TOTAL3 • A technical reason to be out of altcoins
Updated
I see no compelling reason to be in altcoins.
The risk is simply tremendous at the moment. At least while we don't regain that 960B area or see test of lows producing significant volumes.
Yes we can see pump from. this weekly candle but ask your self what are the odds it is a death cat bounce and reverse strongly bellow support levels right into very lower support levels?
Is it worth the RR trade to the upside? Are we confident about average volumes across all these alts?
How these coins react if Bitcoin drop into 35-37k levels?
Choose 5-10 of your favourite coins. Do they look they had healthy corrections on Weekly and Monthly timeframes in recent months?
The risk is simply tremendous at the moment. At least while we don't regain that 960B area or see test of lows producing significant volumes.
Yes we can see pump from. this weekly candle but ask your self what are the odds it is a death cat bounce and reverse strongly bellow support levels right into very lower support levels?
Is it worth the RR trade to the upside? Are we confident about average volumes across all these alts?
How these coins react if Bitcoin drop into 35-37k levels?
Choose 5-10 of your favourite coins. Do they look they had healthy corrections on Weekly and Monthly timeframes in recent months?
Comment
Invalidation of this idea would be something like thisconsolidation above 889. try to regain the support resistance of 960B and sustain above that level.
That is the only PA structure that i would see it legit invalidation of my original post.
remember that ALL these ideas are subjective and based on probabilistic takes. MArket is a living beast and can change any time. If I see the PA structure is changing I change my mind. and this would be a good criteria.
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A look into TOTAL vs Bitcoin Dominance.
Signs of weakness seems to be emerging as well.
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Just published this video with extra thoughts on this post.
Comment
🥲
D7R
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