The charts look extremely interesting and fun right now: $BTC at 110,000, Ethereum standardly at $2500, altcoins are practically at the bottom (from where they go even deeper each time and show some kind of death convulsions during Bitcoin's rise).
Last year in July, Solana was trading at $190 with Bitcoin priced at $70,000.
The moral: even if Bitcoin continues to rise (I seriously doubt it), altcoins are not expecting anything particularly good, although it may seem so – so much positivity, ETFs, but it should be understood that all this is already factored into the price and the reaction is practically zero. Another argument for me to refuse to accumulate spot - you'll be exhausted trying to average.
The channel broke, as expected — there is a 10% movement. Now we need to see if we can consolidate (of course, it depends on $BTC , but for now, it all looks like a setup for a new ATH) and in this case, I think we can stretch to $1.3. The stop can be moved to breakeven – but then it might also get knocked out in classic style 🙂
Ps. I didn't draw the channel on the daily chart, it seems all obvious there 🙂
Dudley Stephans WR
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I'm looking at $WIF - a beautiful descending channel has formed on the daily chart, and the price is edging towards its upper boundary. It looks like an opportunity to capture ~20% movement upon a breakout. Although trading when dominance is at 65+% and almost all coins are following Bitcoin's movements, especially when it's at highs – the pleasure is questionable 🙂 but for now, it all feels like $BTC will be pushed a bit higher, so retail can believe in the moon again, and it's not fair to let the shorters earn too.
And then we can continue to scam altcoins 🙂 But this is just a theory. Somewhere on the horizon, we have ETFs looming, which theoretically are a condition for growth. Practically, I only have one question — will they drop before or after?
One way or another, around 108-110, I will pack another short on BTC with a target around 98-96, and then we'll see how it goes.
I'm looking at $WIF - a beautiful descending channel has formed on the daily chart, and the price is edging towards its upper boundary. It looks like an opportunity to capture ~20% movement upon a breakout. Although trading when dominance is at 65+% and almost all coins are following Bitcoin's movements, especially when it's at highs – the pleasure is questionable 🙂 but for now, it all feels like $BTC will be pushed a bit higher, so retail can believe in the moon again, and it's not fair to let the shorters earn too.
And then we can continue to scam altcoins 🙂 But this is just a theory. Somewhere on the horizon, we have ETFs looming, which theoretically are a condition for growth. Practically, I only have one question — will they drop before or after?
One way or another, around 108-110, I will pack another short on BTC with a target around 98-96, and then we'll see how it goes.
I will note that the dominance of $BTC is still in an uptrend. This is for those who see an alt season every time Bitcoin rises by 4% 🙂
So, I don’t want to disappoint you…
But I have to. With the fall of Bitcoin against the backdrop of the military conflict between Israel and Iran, many altcoins have updated April's lows. Bitcoin can still fall to 95 (or even lower), and dominance can rise to 70% (and above).
Therefore — abandon all hope, ye who enter here. A bounce of 10-20% from the local bottom is all that can be traded theoretically, with the understanding that the bottom may decrease each time. Therefore, I’m not even looking at altcoins; those in my portfolio — I’ve buried.
However, Bitcoin has shown steady growth. I will accumulate shorts in the current range and add in case of liquidity removal in the area of 110. A sharp pump to 120,000 (which I don’t believe in) will be a reason to dump the altcoins languishing on the spot.
Short at $BTC closed. The price did not reach the last take of $200 (classic). I want to see how the markets open and in case of a rebound, I will open a new short with targets of 98 and below.
On the open position, there are still 2 take profits: - 100500 (yesterday the price did not reach $300) - 98000
This does not mean that I do not expect lower — I admit that we can also drop to 96,000 (in general with crypto, especially with the red puppet at the helm, anything can happen).
I am not considering longs at all. I will consider a new short if we rise to 106. If suddenly (although this scenario seems unlikely to me) $BTC goes to collect liquidity at 110,000 and above — I will be packing heavily 🙂
With the shorts, everything remains the same: I add on top, I sell at the bottom. The price doesn't reach all orders — I don't close the position completely. This is how trading in a sideways market looks (it was expected, I wrote about it earlier). I do not rule out spikes up and down, but I do not believe in 120-130k before October at all (if I'm wrong, I'll be glad, as in the case of a rebound, I will sell part of what I hold in spot — the same ether, which hasn't even updated its ath in this cycle and I don't see it above 5k, so I'm generally ready to sell for 4, anything is better than watching it drop back to 1.5k).
In general, the state of altcoins can hardly be commented on, although, again, I have written more than once that the alt season of 2021 is not something that must necessarily repeat. At the same time, everyone has the right to believe in whatever they want to believe.
Attempts to catch the bottom for projects like $STRK seem pointless to me: it seems the token's value will soon reach zero. And someone, I'm sure, was buying it at $1 or even higher.
For myself, in this cycle, I have decided that I will try to accumulate assets even in spot in very limited volumes and only with a medium-term perspective: experience has already shown that too many projects are collapsing/scamming/all at once.
New short from 107+. Position in the plus (how unpredictable).
And what about altcoins? Well, to the moon, obviously! Alt season. Prices at the level of April. And again, no surprises — I do not expect altcoins to rise from the dead before October - November.
In general, I have said/written more than once that there are no signs of a reversal in the dominance $BTC , and that if Bitcoin corrects under the current dominance, altcoins will be deep in the fifth point.
I would very much like to see a calm flat in Bitcoin in the 107-112 range and finally see a long red snot in dominance. But whether to expect such developments before autumn is unclear.
And still, I anticipate at least some growth in June - July.
The market is structured in such a way that bad scenarios occur more frequently than good ones. And locally, declines happen more often than growth.
Has there been a rise on a positive note? Congratulations, tomorrow Trump will impose tariffs, argue with his boyfriend, and a military conflict will begin. Funds are buying, governments are forming reserves and installing crypto machines, cryptocurrency can be used for payments in stores — all these positive factors are predictable and almost exhausted, while the negative scenario can happen every single day — thanks to the people on this planet.
Therefore, contrary to popular belief (declines are limited to zero, while growth is supposedly unlimited), short positions from local highs occur more frequently than attempts to catch a bottom.
While the hanging droplet on the daily chart hints at at least a bounce (and with a good scenario — a reversal). I will start accumulating a new short at 107 (if they give it).
"How's your short" you might ask (let's assume), and I will reply: everything is great with it. It's being adjusted. Of course, I started accumulating it too early, but experience shows that it's better with a short than without one.