Re: [Charts] Altcoin Speculation Already Here? (October 2019)
Bump, charts from October 2019 updated with latest trading screenshots + extra updated screenshot:
This has been the "never-ending" trade of the year. Altcoin dominance is still struggling to convincingly move above the 0.5 fib retracement zone. After 9 months it's time to start considering a break-even stop loss if altcoins are unable to rally further, although the current price structure remains satisfactory.
Regarding speculation on smaller cap coins, a lot of defi projects are recording record gains this year. While I'm expecting a considerable correction from these tokens, which could lead to increased strength in Ethereum (for those who are trading against this pair instead of BTC), I can sill see the potential of returning to 15% by the end of the year with the current trajectory, or alternatively a pull-back to 6.5%- 7.5% VPVR support. The Weekly RSI is reaching overbought territory, indicating a pull-back or another leg up is on the cards:
This has been the "never-ending" trade of the year. Altcoin dominance is still struggling to convincingly move above the 0.5 fib retracement zone. After 9 months it's time to start considering a break-even stop loss if altcoins are unable to rally further, although the current price structure remains satisfactory.
Regarding speculation on smaller cap coins, a lot of defi projects are recording record gains this year. While I'm expecting a considerable correction from these tokens, which could lead to increased strength in Ethereum (for those who are trading against this pair instead of BTC), I can sill see the potential of returning to 15% by the end of the year with the current trajectory, or alternatively a pull-back to 6.5%- 7.5% VPVR support. The Weekly RSI is reaching overbought territory, indicating a pull-back or another leg up is on the cards: