OmiseGO Very Strong Bullish Breakout (Relationship To Bitcoin)Here is another chart that shows how the Altcoins will behave if Bitcoin moves lower (or higher).
I will sum up the whole dynamic I've been explaining in the past 45 days in this trade-idea.
Bitcoin is trading really high, around 60,000, the same as back in March/April 2024.
Here we have OmiseGO, and recently this pair hit a new All-Time Low.
OmiseGO is trading lower than March 2020, obviously, the lowest ever.
➢ Once we hit bottom, the only place left to go is up.
Now, today Bitcoin is red and is moving lower, likely a lower high and the resumption of the bearish move.
Today, OmiseGO produced a super strong, high volume bullish breakout.
This is because the pair already bottomed.
So, those Altcoins that are trading low/near support, can easily recover and start to grow.
Those Altcoins that are trading high/near resistance (the Giants), can easily produce a strong correction.
The giants and those trading high right now are Solana, Tron, Binance Coin, etc.
You can tell by looking at the chart.
OMGUSDT is just one example but we have literally thousands of these pairs.
I've shared several hundreds myself recently.
If Bitcoin were to crash strongly or simply continue lower, we know that this and other bottomed out pairs can grow.
Note: At the beginning, the first few days, a strong crash on the Bitcoin side can affect the entire market negatively, this is normal. The smaller projects that already hit bottom can recover the same day or might even profit from Bitcoin's drop. The medium-sized Altcoins can take some time to recover while the big ones will move down with Bitcoin.
I am generalizing here and this can't be done.
We have to consider each and every single chart individually, because nothing is certain, the market is big and how a project moves will depend on its own chart.
But this general view, this global view of the market can give you a map and help you to better navigate the market when making the decisions and when you trade.
This information is not available anywhere else in the world.
It is only possible thanks to your support.
Bitcoin peaked 14-March 2024. It has been going down now for six months (lower highs and lower lows).
Many Altcoins have been growing for months and will continue to grow, while many more will start growing in the coming days, weeks and months.
The market is growing and evolving, we cannot reach conclusions based on assumptions, we have to plan and act based on the available data, based on the charts.
👉 The Altcoins market is going up!
Actually, let's reach a different conclusion: The Altcoins market will grow regardless of what Bitcoin does!
Namaste.
