Was 64% the top, or is there more downside coming for altcoins ?
Hello Traders 🐺
In my last idea, I discussed the potential short-term pump for altcoins, which you can check out here: 👇
As you can see in the chart above, BTC.D dropped exactly as I predicted—so congratulations to all my dear followers who took advantage of it!
But what now?
Despite the recent dumps in the market, I still strongly believe that 64% was the top for BTC.D. Let me explain why:
1️⃣ The chart shows a rising wedge pattern, which is typically a bearish formation.
2️⃣ If BTC.D moves higher again, in my opinion, it could form a double top, making the chart look even more bearish!
3️⃣ Most altcoins are currently experiencing a severe decline, but in the past few days, ETH has shown slight outperformance over BTC, which is a bullish sign.
4️⃣ Always remember that technical analysis is about learning from history and acting accordingly. So far, we have never seen a bull market peak when BTC.D is at such a high level, and the Altcoin Season Index is still around 30%.
I hope you enjoyed this idea!
🐺 Stay sharp, trade smart! – KIU_COIN 🐺
In my last idea, I discussed the potential short-term pump for altcoins, which you can check out here: 👇
As you can see in the chart above, BTC.D dropped exactly as I predicted—so congratulations to all my dear followers who took advantage of it!
But what now?
Despite the recent dumps in the market, I still strongly believe that 64% was the top for BTC.D. Let me explain why:
1️⃣ The chart shows a rising wedge pattern, which is typically a bearish formation.
2️⃣ If BTC.D moves higher again, in my opinion, it could form a double top, making the chart look even more bearish!
3️⃣ Most altcoins are currently experiencing a severe decline, but in the past few days, ETH has shown slight outperformance over BTC, which is a bullish sign.
4️⃣ Always remember that technical analysis is about learning from history and acting accordingly. So far, we have never seen a bull market peak when BTC.D is at such a high level, and the Altcoin Season Index is still around 30%.
I hope you enjoyed this idea!
🐺 Stay sharp, trade smart! – KIU_COIN 🐺
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Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.