The King of Alts (Eth) Signals the Beginning of Alt Season
The weekly candlestick on the ETH/BTC chart demonstrates a bullish reversal. I believe this is a strong indicator that the Altcoin market that was repeatedly punished in recent times has hope.
On Jan 31st ETH hit the 123,000 satoshi level, dipped then held a ratio of 0.1 BTC through half of Feb, 100,000 Satoshi for you fancy crypto lovers. On Jan 19th the market turned for the worse and ETH was dropped all the way to 70,828 satoshi at one point. Of course the rest of the Alt market followed suit and for the most part they remain at depressed levels. Why did this happen? I'm not too sure why.
What I do know is that the BTC rejection at the 11,800 level was somewhat predictable. Not just due to technical resistance but also due to a key fundamental event that was taking place on 2/21, the expiration of the BTC futures contracts that were placed on 1/23. The 1/23 BTC futures were significant because the majority of contracts were long. For this reason I bought the dip at the 8500 BTC level and again at 6500 on 2/6 anticipating that a bounce would occur in time to make sure those long futures were in the green come the week of 2/19. Sure enough the market lifted up right into that date and then corrected again post expiration (The following weeks futures were leaning short). Coincidence?? I think not
So what now? I personally believe that BTC will continue to oscillate in a range between 9000-11000 for a couple more weeks if not months. What about Alts and ETH?? right right back to that. Well we see this bullish reversal on the weekly chart and if BTC can stay range bound I believe that the Alt coin market can flourish. Wallstreet is not taking futures contracts on Alts correct? What could unfold in the next few weeks is a battle of the Alts where the quality coins emerge and the scammy sh*t coins perish. I already shifted 100% into my favorite Alts as of last night when I saw this reversal lining up. A perfect example of what we could see is with LTC. Last night when BTC was trading around $9600 LTC was trading around $200. Things went down up down now we are back at BTC $9600 and LTC is at $224. People, myself included, are not going to wait around for BTC to make up its mind. Its time for altcoins to shine. Hopefully BTC can hang around in decent form so our move will pay off.
What do you think? What are your favorite alt coins to bet on this alt season??
On Jan 31st ETH hit the 123,000 satoshi level, dipped then held a ratio of 0.1 BTC through half of Feb, 100,000 Satoshi for you fancy crypto lovers. On Jan 19th the market turned for the worse and ETH was dropped all the way to 70,828 satoshi at one point. Of course the rest of the Alt market followed suit and for the most part they remain at depressed levels. Why did this happen? I'm not too sure why.
What I do know is that the BTC rejection at the 11,800 level was somewhat predictable. Not just due to technical resistance but also due to a key fundamental event that was taking place on 2/21, the expiration of the BTC futures contracts that were placed on 1/23. The 1/23 BTC futures were significant because the majority of contracts were long. For this reason I bought the dip at the 8500 BTC level and again at 6500 on 2/6 anticipating that a bounce would occur in time to make sure those long futures were in the green come the week of 2/19. Sure enough the market lifted up right into that date and then corrected again post expiration (The following weeks futures were leaning short). Coincidence?? I think not
So what now? I personally believe that BTC will continue to oscillate in a range between 9000-11000 for a couple more weeks if not months. What about Alts and ETH?? right right back to that. Well we see this bullish reversal on the weekly chart and if BTC can stay range bound I believe that the Alt coin market can flourish. Wallstreet is not taking futures contracts on Alts correct? What could unfold in the next few weeks is a battle of the Alts where the quality coins emerge and the scammy sh*t coins perish. I already shifted 100% into my favorite Alts as of last night when I saw this reversal lining up. A perfect example of what we could see is with LTC. Last night when BTC was trading around $9600 LTC was trading around $200. Things went down up down now we are back at BTC $9600 and LTC is at $224. People, myself included, are not going to wait around for BTC to make up its mind. Its time for altcoins to shine. Hopefully BTC can hang around in decent form so our move will pay off.
What do you think? What are your favorite alt coins to bet on this alt season??