[TA] Is ALT season party over for now?

in #cryptocurrency • 6 years ago (edited)

Hi fellow Shibas,

All crypto community was really excited for the alt party to start after the Bitcoin bounce. However, that didn't last long and now altcoins are getting absolutely REKT. If you are waiting for the alt party there is a chance if won't happen for a while and you should be prepared for that.

Is this what we are getting instead?

ALTcoins spring

Don't get distracted by the USD gains you might experience during the BTC uptrend. If you are losing BTC value you are performing worse than the market in general and there is no reason to be in alts then. If you are very long term HODLer that might not apply for you. But if you are waiting for a better entry into alts, you might totally get it.

The thing that is likely happening now is called an ALT spring where the altcoins might get absolutely rekt in BTC value, even though they might gain in USD. There are few reasons for that historically:

  1. During a bear market alts fall faster than BTC and not only loose the USD value, but also drop in BTC.

  2. If BTC starts a strong uptrend, like the one we are experiencing at the moment, all attention and money flow is to Bitcoin, especially if there is a catalyst like the potential ETF. By the looks of things at the moment, BTC might fly and altcoins will be bleeding for a while. Last year BTC went on a crazy bull run due to the futures news and topped around mid December. When BTC started consolidating the gains went into alts and the party went full steam ahead. We might experience something similar here.

Take a look at BTC dominance chart. It was rising the whole second half of 2017 until it topped at 63% when the alt season begun in mid December. That being said, it does not mean that nothing can moon in this period. It just means it likely won't be the big caps like ETH, XRP etc.

BTC dominance chart altseason

I got out of all altcoins yesterday and will be looking for the sings of bottom. That being said I will be monitoring low caps e.g. OCN that have the potential to perform even during a strong BTC uptrend.

Stay safe shibas! Comment your thoughts below.


🐶🐶🐶
I am a cryptocurrency trader / investor and want to help new people in the space avoid my mistakes. Let me know which topics you are interested in and I could write an article about it

#crypto #altcoins #bitcoin #btc
6 years ago in #cryptocurrency by
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     6 years ago 

    Coins mentioned in post:

    CoinPrice (USD)📉 24h📈 7d
    BTCBitcoin7481.300$0.78%19.52%
    ETHEthereum461.595$-2.1%5.36%
    OCNOdyssey0.007$-10.63%5.98%
    XRPXRP0.458$-4.84%4.13%
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       6 years ago 

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      Brought to you by @tts. If you find it useful please consider upvoting this reply.

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         6 years ago 

        To the question in your title, my Magic 8-Ball says:

        Do not count on it
        Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.

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           6 years ago 

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             6 years ago 

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               6 years ago 

              I believe it could be for now until we see what bitcoin will do. I am following your work now please follow mine and check out my work

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                 6 years ago 

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