Alts Market Cap Major Wave 2/3

Some alts pulled more than I was initially expecting but in part because BTC also pushed more and triggered another major sell off. BTC almost tested 14k when it’s now pretty clear that the market isn’t ready (yet) to pass the 11.5k/12.8k weekly/monthly resistance but that didn’t prevent many traders to sell their alts for BTC. Meanwhile ETHBTC is testing new Lows possibly forming a descending broadening wedge (Bullish formation).

3Day ETHBTC

Now is probably a good time to give much more attention to alts and don’t worry missing the bottom, they will increase more than many expect since this situation probably created a big Supply scarcity (how many believe alts are dead and don’t have any alts to sell?). Anyway, demand wasn’t there for sure because everyone started investing more on BTC in the last 3 months (any BTC cross pair pictures that). But it doesn’t mean they will never again invest/trade alts, some like me already started buying. It’s all about opportunities and the opportunity to make more profits over BTC is now cooling down but it will come back in some weeks/months while the opportunity to make more money over alts is increasing.

Daily Alts Market Cap

Alts Market Cap reached some very important supports like the Daily 200 SMA and 61% fib retracement from what can be Wave 1. Nonetheless and because BTC is still expected to pullback more (to 9k at least) we can’t be sure if alts will recover from here or if they will do something else. What we can do is watching how this supports plays out…