More Upside Possible For Bitcoin, And What That Means For Alts
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This will be a shorter analysis than my recent post on "established alts." I just want to compare these two charts to show the interplay between XRP and Bitcoin during the last bubble. Circled in green on the left side of the BTC chart is a moment when Bitcoin actually retraced the entire previous week's selloff to form a bullish engulfing candle. That move is what took Bitcoin to its ultimate top. It was only once Bitcoin reached the top that alts started to explode on their ratios. Can we expect something similar to happen here? Will this next weekly candle retrace the entire red candle from last week? And if this happens, does this mean we will have at least one more mega dump for alts on their ratios? For XRP, that could mean 2K-3K sats. It's also possible that we see an alt season begin much sooner (even today, for all we know). This cycle is already playing out differently than many people have expected. It's just best to prepare for the possibilities.
Also, I'm keeping an eye on the ascending channel for the altcoin market cap. This is very important. If we can break the channel resistance, I don't think it'll matter much what Bitcoin is doing at the time. I think THAT will be the catalyst. We still may need to test the bottom of the channel again though.
In my opinion, most major alts have shown sufficient demand at current USD prices, and have continued to generally look pretty good since January/February, particularly Litecoin. However, alts can still move up slower than Bitcoin, if the big daddy decides to go up by a particularly large amount. This could cause their USD prices to increase, but their ratios may continue to drop until an eventual Bitcoin top is reached. Some alts are showing some fairly strong price action since recent lows, but Bitcoin moves can be very powerful and unexpected.
We shall see. This is total speculation. Bitcoin may not continue up, and altcoins can do whatever they please. This is not financial advice, and is meant for educational purposes only.
Also, I finally joined crypto Twitter. Follow me if you dare. The link is on my profile. @thevictorcobra
-Victor Cobra
Also, I'm keeping an eye on the ascending channel for the altcoin market cap. This is very important. If we can break the channel resistance, I don't think it'll matter much what Bitcoin is doing at the time. I think THAT will be the catalyst. We still may need to test the bottom of the channel again though.
In my opinion, most major alts have shown sufficient demand at current USD prices, and have continued to generally look pretty good since January/February, particularly Litecoin. However, alts can still move up slower than Bitcoin, if the big daddy decides to go up by a particularly large amount. This could cause their USD prices to increase, but their ratios may continue to drop until an eventual Bitcoin top is reached. Some alts are showing some fairly strong price action since recent lows, but Bitcoin moves can be very powerful and unexpected.
We shall see. This is total speculation. Bitcoin may not continue up, and altcoins can do whatever they please. This is not financial advice, and is meant for educational purposes only.
Also, I finally joined crypto Twitter. Follow me if you dare. The link is on my profile. @thevictorcobra
-Victor Cobra
Note
Bitcoin butting up against this short term downtrend resistance. We also have a rising support that dates back to March quickly approaching. Note
Zoomed out: Note
Very close to breaking the recent downtrend. If it does, a lot of people shorting will be caught by surprise: Note
Altcoin market cap back above the major pivot level: Note
It's happening. Bitcoin may be about to print a weekly bullish engulfing candle. Note
So now that Bitcoin has printed a bullish engulfing candle on the weekly (as I said was a possibility), alts are selling off again, but these divergences are fairly strong. Alts are moving up in USD value, but still slower than Bitcoin. In the previous bull market, alts only started moving up against Bitcoin once Bitcoin topped out. BTC may still have another 40-50% move up at least before it makes a larger correction. It'll be interesting to see what happens with alts. Will XRP see 2K sats? Note
A lot of people expecting alts to go much lower on their ratios are still gambling. They may...or they may reverse rather quickly while everyone is chasing Bitcoin.Note
Altcoins lagging behind (as shown in this chart). They have not made higher highs like Bitcoin, but if they can break that channel resistance, as I've been saying for a while....they could really explode. I'd be ready. 
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