Bitcoin / TetherUSDiupdate Alt coin season is coming soon!!!
Hello Traders,
What is happening to the alt coin market?? If you have been following my postings, I have stopped posting technical analysis for alt coins in past 2 months partly because I do not see any profitable set up.
Looking at the daily chart for Bitcoin, EOSBTC, XRPBTC, and TRXBTC, there is actually a very interesting pattern that not a lot of people are aware of.
Firstly, let me introduce 3 market behaviour:
1) When Bitcoin price goes up, the alt coin value against bitcoin also goes up (and vise versa)
2) When Bitcoin price goes up, the alt coin value against bitcoin goes down (and vise versa)
3) Bitcoin price does not influence alt coin price
Currently we are at market behaviour 2 (we can clearly see that when bitcoin price goes up EOS, XRP and TRX against BTC goes down). This is because Bitcoin has been gaining more institutional attention (blackrock, Bitcoin ETF, etc), and people start to move more money from alt coins to Bitcoin as they see more profit. This idea is supported by the fact that Bitcoin dominance is approaching to almost 50%. In past 10 months, we have seen this market behaviour three times including this time (mid December, Feb-April, and Augusts)
Fortunately, after the market behaviour 2, we usually see market behaviour 1 (people may call it alt coin season). This is the time when Bitcoin price goes up, the alt coin price against bitcoin price also goes up. The psychology behind this behaviour is much more complicated, but you can see that there are two alt-coin seasons this year (early Jan when most of the alt coin went 10-100x, and April to July).
This does not mean that you can't make money, and there are plenty of profit to be made in both behaviours.
For 1: when bitcoin price goes up, buy alcoins --> accumulate more bitcoins
For 2: when bitcoin price goes down, buy alcoins --> see bitcoin and buy at the dip or buy alt coins
Because market behaviour is #2, I am exercising second trading strategy
Happy trading!!
What is happening to the alt coin market?? If you have been following my postings, I have stopped posting technical analysis for alt coins in past 2 months partly because I do not see any profitable set up.
Looking at the daily chart for Bitcoin, EOSBTC, XRPBTC, and TRXBTC, there is actually a very interesting pattern that not a lot of people are aware of.
Firstly, let me introduce 3 market behaviour:
1) When Bitcoin price goes up, the alt coin value against bitcoin also goes up (and vise versa)
2) When Bitcoin price goes up, the alt coin value against bitcoin goes down (and vise versa)
3) Bitcoin price does not influence alt coin price
Currently we are at market behaviour 2 (we can clearly see that when bitcoin price goes up EOS, XRP and TRX against BTC goes down). This is because Bitcoin has been gaining more institutional attention (blackrock, Bitcoin ETF, etc), and people start to move more money from alt coins to Bitcoin as they see more profit. This idea is supported by the fact that Bitcoin dominance is approaching to almost 50%. In past 10 months, we have seen this market behaviour three times including this time (mid December, Feb-April, and Augusts)
Fortunately, after the market behaviour 2, we usually see market behaviour 1 (people may call it alt coin season). This is the time when Bitcoin price goes up, the alt coin price against bitcoin price also goes up. The psychology behind this behaviour is much more complicated, but you can see that there are two alt-coin seasons this year (early Jan when most of the alt coin went 10-100x, and April to July).
This does not mean that you can't make money, and there are plenty of profit to be made in both behaviours.
For 1: when bitcoin price goes up, buy alcoins --> accumulate more bitcoins
For 2: when bitcoin price goes down, buy alcoins --> see bitcoin and buy at the dip or buy alt coins
Because market behaviour is #2, I am exercising second trading strategy
Happy trading!!
Catatan
Almost every alt coin reached oversold region in RSI. Here are some of my favorite ones. BAT (I am definitely buying this one!, will probably breakout from this wedge before coinbase addition)
Zil (78.6% retracement, good support definitely buying)
TRX (looking for double bottom, not buying)
NEO (I have a feeling that NEO will probably go a little bit down, not buying)
EOS (78.6% retracement, MACD divergence but no RSI divergence, partial buying)
ADA (double bottom, definitely buying)
Trade aktif
Alt coins and bitcoins are showing signs of recovery. Time to get back again people!
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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.