Hey guys! Is #ALTSZN finally kicking in?
Lets have a look!
- First things first, I'll be providing a small update on the Bitcoin dominance chart I posted few days back. Do give it a read if you want to follow that update.
On 1D timeframe, we can see that it successfully closed below the support we were looking out for! (yay! when altszn?) :D
link to the chart: https://www.tradingview.com/x/Kl4EZFGD/
A small note (Taken from my previous post:
If dominance is bearish (or goes down):
BTC up, Alts up, (This is the most bullish phase for altcoins. We get moon on Alts/USD pair)
Btc Down, Alts up. (USD prices remain stable, but Alt prices with respect to BTC goes up)
If dominance is bullish(or goes up):
Btc up, alts down (Alt with respect to usd remains stable, while going down on BTC pair)
Btc down, alts down (Omg this is the most rekt for alt season. Consider the 2019 cycle to be like that)
We already see BTC dominance is showing some weakness :)
Lets have a look at an altcoin now.
I'll be charting more alts soon once I see any major interests/good PA.
I'll be choosing Request Network here in this case. I was looking at the PA since last one week, I do feel there's some genuine interest in this coin going on.
Do note that these alts come and go in hype cycles.
Currently I personally believe these "Layer 2 protocols" can be the next big hype cycle sooner or later (but hey, #DYOR; and also let us know about your thoughts in the comments. :P)
Overall bias on $REQ: Bullish
REQ/BTC 4H
Chart:
Link: https://www.tradingview.com/x/4II30aEm/
Overall Bias: Bullish
Critical zones have been marked on chart!
Points to note:
- Higher high, breaking out of the symmetric triangle on 4H (currently on a S/R flip retest)
- Critical point: Watch out for signs of bearish divergence. There seems to be a very small bearish divergence; though it may not be significant. (Price: Higher high, RSI: Lower High)
- Ideal buy zone would be around the support, with a stoploss below it; or on a clear break above this. If you are willing to take risk, buy a small bag with the amount you are willing to risk and hodl :D
My take: I'm taking a small risk, buying a very small bag here, (insignificant amount of money) and I'll simply wait/HODL. Nothing more, nothing less, and I'll sell once (or if)I see everyone talking about this coin :P
Thanks for reading
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