The debate has been all over the cryptocurrency scene… Is it ALT season yet? Some have been saying yes and some have been saying no.
I say that it is just starting now. Heres why.
As we see this chart, we can see the fact of the matter is that the mini alt season that happened a little while ago with the spark of DEFI, uniswap and a plethora of new yield farming coins was just a warm up. But it was not true ALT season.
Whats more is that many of the coins of that time were rug pulls as many people were just aping on uniswap coins. I that time many projects came across my desk but nothing that really wow’d me much save a select few. Most yield farming coins seemed too early and iffy, almost bitconnect-ish.
Lately we have been seeing an influx of more higher quality projects dropping on the market holding private sales and pre-sales which is great for the space and it looks to be right on time.
The chart posted above, we can see that BTC.D broke upwards from a broadening wedge but the pattern failed. We started scaling back into ALT coins at the top seeing the left shoulder formed on the chart and the hard rejection on the 74 line.
Seeing as the broadening wedge fell back in, this is a clear sign of weakness and should make its way to the bottom of the formation, failing that we go lower and lower. This is a great thing for ALT coins. It’s a sign of TRUE ALT season just getting started.
This is the time to go aggressive and sink your teeth into great projects you believe in. Seeing that the price of BTC and ETH is so high, it’s about time. The higher weight of BTC and ETH will mean that these ALT coins are going to move hard and fast, some will be doing 50X, 100X and more. It only makes sense that Bitcoin, Ethereum and USDT holders will want to come out to play and dabble in new projects.
This ALT season may be an extended one of BTC can trade sideways for some time, each time before moving to its next leg up, giving investors, hodlers and traders alike to see some life changing gains.
If you are a project, this is the time to get things off the ground, marketing, dropping new news and new releases.
Happy investingTags: ALT Coins, Alt's, year of the ox
This post was written by BlockAdvisor