Altcoin Season 2019, START - Everything you Need to Know
In the first ever post coming from BitOwned, I'm going to drop some knowledge. This is something I kept secret for me and some select people that have been chasing with me the next altcoins bull market.
All this until today, when I decided to share the knowledge with you and everyone who would like to join our community and be part of this group.
If you're reading this post and you are being motivated to read, understand and also do your own additional research of what I'm going to teach you, then lets get to the subject line.
What is Altcoin Season?
This is a term frequently used when altcoins prices in the cryptocurency market start to rise. We will consider the TOP100 from the cryptomarketcap.com for this, as the other 1000s of cryptocurrency don't always follow the first 100 and the volume can make it hard to predict when they are going to rise or fall.
When do Altcoins Start to Rise?
One pattern which many people have missed is that they follow very precisely the 'OTHERS DOMINACE'
OTHERS.D
or 'Market Cap Others Dominance'. This is the dominance, in percentage, of Total Crypto Market Cap minus Bitcoin's Market Cap.
If you will analyse this chart properly against some of the major Altcoins Charts (in this example I used the Ethereum chart), you can spot some levels which after they are retested, the Altcoins prices start to rise.
To strengthen this argument, we can take for example the ETH July 2016 - March 2017
ETHUSD
Chart and compare it against the Others Dominance chart from the same period of time as I did below.
You will notice the 2017 Bull-Run started right after the dominance fell through a support level previously (resistance) broken before making the July 2016 Highs. After breaking this level again and sustaining above, Ethereum went on a never seen before bull-run.
tradingview(.)com/x/Z5SZVYA0/ (ETH CHART)
This is enough to grow my confidence in the Altcoin Markets and to see how close we are to reaching moon agian.
In addition to this, the recent fall that we are experiencing, right before Bitcoin's major price rice from $3000 level can get money flowing from Bitcoin to Altcoins as they are at irresistible prices right now and Bitcoin's move have boosted the confidence of the retail investors in this market. Right now altcoins may seem like a great investment being at the lows, with any announcement around the corner, rumours about XRP, a big pump of ETH, we can see FOMO and a great reversal from the Altcoins at any time soon.
Are we going to have new highs in altcoins?
I believe we can see an increase in the price this year but according to my charts, we are can see new highs (major) around end of 2020.
Technically this year having new highs I would say Yes and No because some charts and other technical findings can contradict my above statement about 2020.
More on this later.. Follow BitOwned and I will continue to describe exactly why yes, why no, and what should you do.
Happy to hear your opinion too. Please leave a comment below and lets discuss this. :)
Yours,
BitOwner
@bitowned
All this until today, when I decided to share the knowledge with you and everyone who would like to join our community and be part of this group.
If you're reading this post and you are being motivated to read, understand and also do your own additional research of what I'm going to teach you, then lets get to the subject line.
What is Altcoin Season?
This is a term frequently used when altcoins prices in the cryptocurency market start to rise. We will consider the TOP100 from the cryptomarketcap.com for this, as the other 1000s of cryptocurrency don't always follow the first 100 and the volume can make it hard to predict when they are going to rise or fall.
When do Altcoins Start to Rise?
One pattern which many people have missed is that they follow very precisely the 'OTHERS DOMINACE'
OTHERS.D
or 'Market Cap Others Dominance'. This is the dominance, in percentage, of Total Crypto Market Cap minus Bitcoin's Market Cap. If you will analyse this chart properly against some of the major Altcoins Charts (in this example I used the Ethereum chart), you can spot some levels which after they are retested, the Altcoins prices start to rise.
To strengthen this argument, we can take for example the ETH July 2016 - March 2017
ETHUSD
Chart and compare it against the Others Dominance chart from the same period of time as I did below. You will notice the 2017 Bull-Run started right after the dominance fell through a support level previously (resistance) broken before making the July 2016 Highs. After breaking this level again and sustaining above, Ethereum went on a never seen before bull-run.
tradingview(.)com/x/Z5SZVYA0/ (ETH CHART)
This is enough to grow my confidence in the Altcoin Markets and to see how close we are to reaching moon agian.
In addition to this, the recent fall that we are experiencing, right before Bitcoin's major price rice from $3000 level can get money flowing from Bitcoin to Altcoins as they are at irresistible prices right now and Bitcoin's move have boosted the confidence of the retail investors in this market. Right now altcoins may seem like a great investment being at the lows, with any announcement around the corner, rumours about XRP, a big pump of ETH, we can see FOMO and a great reversal from the Altcoins at any time soon.
Are we going to have new highs in altcoins?
I believe we can see an increase in the price this year but according to my charts, we are can see new highs (major) around end of 2020.
Technically this year having new highs I would say Yes and No because some charts and other technical findings can contradict my above statement about 2020.
More on this later.. Follow BitOwned and I will continue to describe exactly why yes, why no, and what should you do.
Happy to hear your opinion too. Please leave a comment below and lets discuss this. :)
Yours,
BitOwner
@bitowned
Trade active:
We went a bit lower than what I expected, but I see this weeks candle closing below the trendline and with the upcoming week's cnadle closing above.
To support my idea, this comes perfect into play with my ETH/USD trade published on TradingView, with Ethereum sitting at support near the main liquidity region. Same scenario for XRP/USD, sitting at the main support region, BAT/USD and many other altcoins at the exact same time.
To support my idea, this comes perfect into play with my ETH/USD trade published on TradingView, with Ethereum sitting at support near the main liquidity region. Same scenario for XRP/USD, sitting at the main support region, BAT/USD and many other altcoins at the exact same time.
Trade active:
Target 1. Achieved as described at the end of July 2019.
Trade active:
Target 2. Achieved successfully at 6.30 level. (Retracement) We need to see altcoins maintain the position, preferably above 6 level.
Comment:
I can easily say this was going according to the plan with absolute perfection. The others dominance managed to maintain above the 6.30 level and closed above 7.25. If we managed to stay above this level of 7.25 and close the weekly again here, we can confirm the alts-season to start.
Trade active:
The trade is still active, and going according to the plan. We had a nice altcoin run, right after the 'Altcoin Season Resistance' was broken as expected. We're currently retesting a previously resistance turned support at 9.00. I personally still expect the run to continue, but keep in mind that this chart was published before anything COVID-19 related. So be careful with that in mind. Right now altcoins are down, early buyers into altcoins took profit, so you can buy again now on the retest at 9.0 and keep stop-losses because they might fall more with this chart going to 7.3-7.5 (Another buy zone into altcoins).
Comment:
On a side note. I'm not selling any of my coins from investment portfolio until 18.75 on this chart. I trade on the side, but that's different story.
