Please note that the whole idea is based on the assumption that ETH drives the altcoin market, which of course isn't 100% true, but trying to get a general narrative of the market..
With Bitcoins pump and BTC.D rising over the last week we can clearly see money flowing out of altcoins. The bounce from lower trendline that had place on 12th of October let altcoins take a breath now, but the overall direction isn't clear yet (to me).
From this point I see 3 scenarios:
Scenario #1- ETH/BTC breaks the local dynamic resistance and continues to pump until exhaustion
Scenario #2- ETH/BTC reaches the local dynamic resistance, gets rejected and goes back to the lower trendline support or goes sideways
Scenario #3- ETH/BTC dumps from here, the lower dynamic support doesn't hold and alts bleed hard regardless of what BTC is doing
-- Feel free to share your thoughts on the current situation in the comments. --
With Bitcoins pump and BTC.D rising over the last week we can clearly see money flowing out of altcoins. The bounce from lower trendline that had place on 12th of October let altcoins take a breath now, but the overall direction isn't clear yet (to me).
From this point I see 3 scenarios:
Scenario #1- ETH/BTC breaks the local dynamic resistance and continues to pump until exhaustion
Scenario #2- ETH/BTC reaches the local dynamic resistance, gets rejected and goes back to the lower trendline support or goes sideways
Scenario #3- ETH/BTC dumps from here, the lower dynamic support doesn't hold and alts bleed hard regardless of what BTC is doing
-- Feel free to share your thoughts on the current situation in the comments. --
