As we’ve seen bitcoin make its parabolic rise, some are sitting on their hands doing everything in their power not to panic sell their ALTs. So when is altszn? To be fair, most are expecting a face melting 10x – 15x on their alt returns similar to the parabolic rise in 2017.
Let me first be the one to tell you, chill. Now I trade on the premise that anything can happen; its credo #1 in my handbook to trading. So yes maybe we can expect a x20 run like xvg or trx but dont expect lightning to hit the same spot twice. Instead of focusing on why alts havent pumped to the moon, take a look and reconsider that some alts have already x3 x4 and even x5 from the bottom.
Solid examples of alts that have already taken off. So what is my message, be patient. Analyzing this move from an EW perspective, we just completed what looks to be a primary w1 move and currently just about to finish correcting for the primary w2. What we can expect next is our w3, typically our largest move in Elliot Wave theory. This is the alt run I’m expecting to start melting faces. Lets take a look at ICX/USDT and ICX/BTC. ICX has been accumulating in range for quite a while and looks about ready to break out.
The USDT pairing is showing 2 completed waves and what now looks to be the start of the third wave. Looking at BTC pair, we see that ratio looks absolutely miserable. But we are damn near the bottom as the wavetrend indicator is showing that we are in the OVERSOLD territory and now looking to make a move out with a bullish indicator
For the USDT paired charts, we are starting wave 3. For the BTC paired charts, we are bottoming out. Heres another example with ETCBTC
Next lets take a look at the BTC dominance chart. We can see from local bottom that we are almost done finishing 5 waves up. Ive highlighted the next resistance at around 69%. There is a strong possibility that we reject here and finally we will be in a full on alt szn. Were seeing market cap of usdt paired alts stabilize while btc pairs are bottoming out. Momentum on the btc dom chart is slowing down and once we tap that resistance, it should come down. With the advent of this move down, the btc paired charts on wavetrend is expected to bounce out and we should be in a full on alt swing.
Conclusion: BE PATIENT. We’ve already done x2 x3 or x4 from the bottom. Things need time to cool off before we do another x2 or x3. As always, be prepared for anything and always remember to book some profits. Never ALL-IN anything and diversify. Stay safe friends and may the profits be with you!
None of this is financial advice, just an opinion.
By Jon CC
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