When should you trade ALTs? Here's the level to watch:
The market cap of Altcoins is currently facing a significant challenge in surpassing the $620 billion benchmark. However, once this level is breached, a notable surge in Altcoin activity is expected. It is worth noting that the current BTC dominance of 47% can be attributed to the fact that the majority of ALTs have broken their BTC-pair support. Consequently, if BTC experiences a downturn, the ALTs will likely be adversely affected since they have limited support!
Therefore, it would be prudent to closely monitor the 620B mark if you are considering trading ALTs. A breach of this level could signal a favorable opportunity to enter the market. Still, it is crucial to stay vigilant and manage your risk accordingly, given the current market dynamics.
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With regards to BTC:
the zone between 29k to 30k is a critically important price range that requires close attention. It has played a pivotal role in differentiating between the bull and bear market. As soon as the price broke below this zone, the market was deemed to have entered a bear market, while staying above it signaled a continuation of the bullish trend .
Currently, the price is once again testing this critical zone, and its behavior here will be a determining factor for the market's future trajectory. A hard rejection from this level could result in a sharp decline in price, while a breakthrough could propel the price upwards to the range of 40k to 47k . Thus, investors and traders alike should closely monitor the price action around this zone to make informed decisions regarding their investments.
But the weakening trend and Fair Value Gap on multiple time frames point towards a downward move!
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BTC dictates the market. If BTC falls, then Alts will drop as well. Trade safe!
Therefore, it would be prudent to closely monitor the 620B mark if you are considering trading ALTs. A breach of this level could signal a favorable opportunity to enter the market. Still, it is crucial to stay vigilant and manage your risk accordingly, given the current market dynamics.
-------------------------------------------
With regards to BTC:
the zone between 29k to 30k is a critically important price range that requires close attention. It has played a pivotal role in differentiating between the bull and bear market. As soon as the price broke below this zone, the market was deemed to have entered a bear market, while staying above it signaled a continuation of the bullish trend .
Currently, the price is once again testing this critical zone, and its behavior here will be a determining factor for the market's future trajectory. A hard rejection from this level could result in a sharp decline in price, while a breakthrough could propel the price upwards to the range of 40k to 47k . Thus, investors and traders alike should closely monitor the price action around this zone to make informed decisions regarding their investments.
But the weakening trend and Fair Value Gap on multiple time frames point towards a downward move!
-------------------------------------------
If you like the content, then make sure to comment and like the post :D
Follow me for daily profitable trading setups.
BTC dictates the market. If BTC falls, then Alts will drop as well. Trade safe!
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