Altcoin Capitulation
This is an old chart. Guess what? The OBs held exactly. BTC held 6.2k and got rejected at 7.8k. Beautiful support + resistance lines for the win.
What's new?
Over the past few days, Bitcoin has moved up quite nicely. Pushing $7800 as altcoin ratios vs. BTC have bled out. What's going on?
Because Bitcoin rose so quickly and effortlessly, there was minimal time to pump alts. Thus, bitcoin rose at a higher percentage gain than altcoins did. This caused a lot of major support breaks on alts. This is called capitulation. At the end of a bear market, alts dump extremely hard to dump out any further non-believers.
The best part? After capitulation comes a spring into wycoff accumulation. Meaning, those 30-40% moves down within a few days are most likely followed by similar percentage moves UP in a few days.
Bittrex and Poloniex alts are looking amazing. KuCoin, is the spot to be I believe. I think the alts there are going to do something amazing this next season. So many unpumped, low cap, good FA coins.
THIS IS NOT FINANCIAL ADVICE
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Cheers,
Andrew
Check these articles out if you like money
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Posted from my blog with SteemPress : http://bullsvsbears.vornix.blog/2018/07/20/altcoin-capitulation/
Nice work my friend, this latest price action is the lead up of hype to ETF announcement in August which explains sloshing of money from alts into bitcoin hence the higher % share of bitcoin lately. I am following your work now please check out my work and follow me
yessssssir
Nice one
@bullsvsbears maybe something will change
yes
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