Alts Market Cap 08/2020

Alts can keep trying and failing but one day they will push higher.

Alts Market Cap (Total Market Cap excluding BTC)

Meanwhile keep this in mind and don’t take anything for granted, they may or may not breakout soon. If past price action somehow repeats it can push higher and many alts may not retest some of their previous lows but who knows.

Alts Market Cap (2014-2016)
Alts Market Cap (2018-2020)

Bitcoin Update 08/2020

BTC seems to be in the final stage of this consolidation and more alts seem to be pushing higher. We still can’t be sure how and when the breakout of this consolidation will happen.

1) BTC can move higher soon enough; 2) lag there for a while or 3) even dump a bit before breaking this 2 years resistance, but one thing is now clear, we will breakout from this resistance and move higher sooner than later.

Bitcoin Weekly Chart – 200SMA (blue); 50SMA (yellow)

We also know that after pushing higher the strategy needs to be adjusted. Everything will move faster, harder and with less weeks in red, meaning less opportunities to buy lower.

Meanwhile keep an eye on Alts Market Dominance to see where the next support/resistance is. We have so many possible scenarios but more Bitcoin lags, higher is the chance that alts keep pumping well. Many investors keep ignoring alts however some of this alts broke their descending channels/patterns and started new trends.

Alts Market Dominance