This is an old chart. Guess what? The OBs held exactly. BTC held 6.2k and got rejected at 7.8k. Beautiful support + resistance lines for the win.
What's new?
Over the past few days, Bitcoin has moved up quite nicely. Pushing $7800 as altcoin ratios vs. BTC have bled out. What's going on?
Because Bitcoin rose so quickly and effortlessly, there was minimal time to pump alts. Thus, bitcoin rose at a higher percentage gain than altcoins did. This caused a lot of major support breaks on alts. This is called capitulation. At the end of a bear market, alts dump extremely hard to dump out any further non-believers.
The best part? After capitulation comes a spring into wycoff accumulation. Meaning, those 30-40% moves down within a few days are most likely followed by similar percentage moves UP in a few days.
Bittrex and Poloniex alts are looking amazing. KuCoin, is the spot to be I believe. I think the alts there are going to do something amazing this next season. So many unpumped, low cap, good FA coins.
THIS IS NOT FINANCIAL ADVICE
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Cheers,
Andrew
Check these articles out if you like money
- How to go against the crowd and not be conformed
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- Making money online with the #Sharkschool Discord
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- 1000 Day Crypto Challenge Videos or watch them here
- Steemit PUMPING, we're all going to be RICH!!!??
- What's a blockchain and how can I impact the future?
- Did someone say lets hide our money?
- Emerging industry leader??
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Posted from my blog with SteemPress : http://bullsvsbears.vornix.blog/2018/07/20/altcoin-capitulation/