Was 64% the top, or is there more downside coming for altcoins ?
Hello Traders 🐺
In my last idea, I discussed the potential short-term pump for altcoins, which you can check out here: 👇
As you can see in the chart above, BTC.D dropped exactly as I predicted—so congratulations to all my dear followers who took advantage of it!
But what now?
Despite the recent dumps in the market, I still strongly believe that 64% was the top for BTC.D. Let me explain why:
1️⃣ The chart shows a rising wedge pattern, which is typically a bearish formation.
2️⃣ If BTC.D moves higher again, in my opinion, it could form a double top, making the chart look even more bearish!
3️⃣ Most altcoins are currently experiencing a severe decline, but in the past few days, ETH has shown slight outperformance over BTC, which is a bullish sign.
4️⃣ Always remember that technical analysis is about learning from history and acting accordingly. So far, we have never seen a bull market peak when BTC.D is at such a high level, and the Altcoin Season Index is still around 30%.
I hope you enjoyed this idea!
🐺 Stay sharp, trade smart! – KIU_COIN 🐺
In my last idea, I discussed the potential short-term pump for altcoins, which you can check out here: 👇
As you can see in the chart above, BTC.D dropped exactly as I predicted—so congratulations to all my dear followers who took advantage of it!
But what now?
Despite the recent dumps in the market, I still strongly believe that 64% was the top for BTC.D. Let me explain why:
1️⃣ The chart shows a rising wedge pattern, which is typically a bearish formation.
2️⃣ If BTC.D moves higher again, in my opinion, it could form a double top, making the chart look even more bearish!
3️⃣ Most altcoins are currently experiencing a severe decline, but in the past few days, ETH has shown slight outperformance over BTC, which is a bullish sign.
4️⃣ Always remember that technical analysis is about learning from history and acting accordingly. So far, we have never seen a bull market peak when BTC.D is at such a high level, and the Altcoin Season Index is still around 30%.
I hope you enjoyed this idea!
🐺 Stay sharp, trade smart! – KIU_COIN 🐺
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