BTC BACK TO WHERE WE LEFT IT. ALTS IN A WAIT AND SEE MODE
The scenario mentioned in the last idea (linked), corresponding to the % on the chart, was delayed due to the false breakout of the red area but is now confirmed.
This was the reason for the (initially) abrupt retracement in September
Traders were taking some profit at the 1T threshold, to gather new energy for the new pump.
Now, we are back again outside the big red area and the upward scenario is definitely in place. Note how the last retracement behaved by the book staying inside the retracement area before the start of a new leg in an ABCD pattern with target exactly at the ATH. This is if the impulse is a standard one, but we know that BTC rarely behaves in a standard way, and according to the past ideas regarding the Halving target (see liked ideas) we only have few months available to reach the real top (between December 21 and March 22)
Also, we are likely in wave 3 of a new 5 waves impulse according to the Elliott Waves theory.
What about ALTS? Well, alts are a risky bet now, since they will suffer if either BTC will dump (as usual) or pump hard (as all the liquidity will support the pump at first). The only favorable scenario out of 3 for ALTs is a sideway movement for BTC, too low for me to invest. I believe that if BTC will move sideways, will be for a very short time, which will make the alt bet even more gamble. Alts usually pump at the end of the trend of BTC, or towards the end, which I believe is still far in time. Also, dominance is increasing after a double bottom.
ALSO, I BELIEVE THE NEXT ONE WILL BE THE LIKELY LAST PUMP FOR ALTS AS WE KNOW IT (WHERE ALL ALTS INDISTINCTLY RISE), AND ONLY SOME SECTORS WILL SURVIVE. But this will be material for another idea.
However, our job is not to predict the future, but just to read the data available to us in the better possible way in order to maximize the probabilities to gain, therefore let's monitor the Dominance closely to see any preventive sign of reversal.
This was the reason for the (initially) abrupt retracement in September
Traders were taking some profit at the 1T threshold, to gather new energy for the new pump.
Now, we are back again outside the big red area and the upward scenario is definitely in place. Note how the last retracement behaved by the book staying inside the retracement area before the start of a new leg in an ABCD pattern with target exactly at the ATH. This is if the impulse is a standard one, but we know that BTC rarely behaves in a standard way, and according to the past ideas regarding the Halving target (see liked ideas) we only have few months available to reach the real top (between December 21 and March 22)
Also, we are likely in wave 3 of a new 5 waves impulse according to the Elliott Waves theory.
What about ALTS? Well, alts are a risky bet now, since they will suffer if either BTC will dump (as usual) or pump hard (as all the liquidity will support the pump at first). The only favorable scenario out of 3 for ALTs is a sideway movement for BTC, too low for me to invest. I believe that if BTC will move sideways, will be for a very short time, which will make the alt bet even more gamble. Alts usually pump at the end of the trend of BTC, or towards the end, which I believe is still far in time. Also, dominance is increasing after a double bottom.
ALSO, I BELIEVE THE NEXT ONE WILL BE THE LIKELY LAST PUMP FOR ALTS AS WE KNOW IT (WHERE ALL ALTS INDISTINCTLY RISE), AND ONLY SOME SECTORS WILL SURVIVE. But this will be material for another idea.
However, our job is not to predict the future, but just to read the data available to us in the better possible way in order to maximize the probabilities to gain, therefore let's monitor the Dominance closely to see any preventive sign of reversal.
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Or simply you don't want to risk it?
Trade forex, oil, crypto, indices, and keep 80% of the profits you make, while losses are covered!
Check it out now → ftmo.com/en/?affiliates=2427
