Relax, all is not lost for altcoins...
In fact, we may be just around the corner from the next altseason.
Yes yes, I know you have heard that before, but this time there is some data to back it up!
As we know, things in life tend to play out in cycles.
Especially as they relate to bitcoin and crypto.
Well, looking at a weekly chart of the altcoin market, we could be just about ready to start turning up...
Check it out:
(Source: https://twitter.com/paddystash/status/1163778266613895169)
Prices could be about ready to turn back up...
We are now sitting at a trend-line that altcoin prices have bounced at 3 previous times.
Not only did they bounce, but each time they went on to make higher highs.
Keep in mind that in some cases, they hung around this trendline for several weeks before they started to move up in a meaningful way.
While it may not feel that great right now to be invested in altcoins, the above chart shows that the altcoin market is in a serious uptrend, characterized by higher highs and higher lows.
Until that changes there is no reason to panic.
In fact, looking at the chart, it looks like a great spot to be loading up on altcoins.
Stay informed my friends.
-Doc
2 months later, we are not in a better position unfortunately
RHOC went up over 200 percent yesterday and i hope you are right since lots of my alts went into the negative recently but im still upo ten times on a few so they cover the ones i am down on
hope all is well JR and i still dont see BTC hitting lower than 9k
cheers
It could play out that way for sure. I am not expecting it to dip much lower, I was just saying it was certainly a possibility. Either way though (whether it holds the $10k area or dips to $8k) I still think we make new highs before the halving in May. I am positioned accordingly. :)
that makes two of us
i just follow marco for small cap alts and berwick and teeka for everything else
they have not steered me wrong and someone who makes you 50k on one grand you better listen to is what i believe lol
but yes i think new highs will be in before the end of the year and if not we will be very very close to them either way
have a great day man
i still watch EXCL and RDD on bittrex as they are gettign super cheap
Well the last time we had a major altcoin season, much of the top 300 coins or so all went up big time. Hopefully we have something like that again at some point here, steem could sure use that!
I just hope this bounce will include Steem. Perfect timing with HF21.
Yep, hopefully it will.
Looking at several charts, to me it either looks like we are about to see things start to turn up again for altcoins, or we are about to see bitcoin make a push for new highs...
My guess is that they wouldn't both happen together, at least in the current environment.
I always thought the alt season comes after btc made a higher high.. cuz then it falls again and ppl panic and jump into other boats - the alts. They've also (hopefully) just made some money and want to diversify. Others missed the chance on btc and invest in alts hoping they have some other chances..
Yep, that is usually how the big one works. There are often smaller altseasons along the way as well.
I hope you're right. I'm not a BTC maximalist at all.
I am to some degree. IE I think it will likely be the largest market cap coin for a long time, but I also believe the whole pie is going to grow as well.
We forget that is was the altcoins that started the rally to get bitcoin above $4k so it will happen again!
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Yep, that very well could be. We are in need of a steem rally!
This might sound like some presumption of me, but I felt like we were approaching an upwards move for altcoins. And its good to see some numbers and charts pointing that way.
Don´t ask me why, I haven´t made any analysis in the past months, I guess this is my brain telling me that history repeats itself way too often.
Steem showing slightly better price action the last few days, that is nice to see.
We can also see that the current downward trend against Bitcoin is also the longest downtrend with almost no corrections in between. I hope that the recovery comes brutal and violent to shake out all those who think Altcoins where dead.
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Yep, that sure would be nice!
Can't wait for alts to be destroyed.
Why is that?
To many scam projects
I would love it if the scams would be destroyed because that would likely be more money for the legit projects. Steem for example has been thrown out with the bath water.
needs to happen
Hopefully steem doesn't get thrown out with them. If prices get low enough the money acquired from selling steem will not be enough to keep the lights on for steemit,inc, which we still rely on to get us to the promised land.