In a very similar way like bitcoin, alts are also reaching a very important conclusion.
I said before that these are pivotal times in the market.
Close to where something might break or happen after all. Probably the most since ever this entire cycle.
I think just like Bitcoin will depend on that ~ 96-100k level to prove where we are this cycle (bull or bear) so will alts hold this trendline and either bounce or break.
Bitcoin breaking down will obviously cancel any significant leg-up alts would have. We are still heavily correlated.
But Bitcoin reclaiming a previously lost key level and bottoming out here?
Alts may yet hold their structure and liven up after all.
But they'll do it after Bitcoin's next move though. Bitcoin dominance will likely spike up another time with a price jump.
The same move can be expected from alts in that scenario but just a lagging one (after Bitcoin did).
I like how Ethereum actually retested it's reclaimed support here.
Makes it all more likely that this was indeed a deviation (as mentioned earlier) and we are still going higher.
Not that we didn't know this already. My analysis on ETH has been accurate and telling us for months.
August is still historically quite slow but we still might see things pick up again soon.
I'm giving away 3 $SOL to a lucky winner
To participate:
- RT and LIKE this post
- Comment this post
- Follow @SoulzBTC
Winner will be announced in 48h