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Altcoins Market Review

The overall market still looks fine. I know it’s choppy right now, but if you zoom out, we had a good month in July and it’s completely normal to see a pullback after an upside move. In fact, it’s actually healthy for the market.

• The market often liquidates late longs
• Some people get frustrated and exit the market
• Many traders try to trade this choppy environment and end up taking losses, constantly shifting their bias based on lower timeframes.

My focus is on the August’s monthly open levels. When July started, the market dumped in the first two days, but then we got a strong move upward after that.

Right now, Ethereum is above its monthly open, but most altcoins are still trading below theirs. If the market reclaims the monthly opens, I think we’ll see another leg to the upside.

Its not an lower timeframe analysis, it high timeframe lower timeframes will keep getting the pullbacks, will keeping doing the chopp and liquidate traders. Its the bigger picture.