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There's a factor known Bitcoin dominance, which is a record of how much Bitcoin has had a pull on the overall market. That factor just bounced from its local support, meaning that the market now moves closer with Bitcoin than ever before.
So does this mean that the brewing altseason for both BAT and LRC is over? Let's see in this post.
I believe strongly that the altseason isn't over just yet. Here are my reasons:
- Bitcoin dipped, yes. But it dipped right into a DEMAND zone. That means that a ton of buyers were waiting there with their limit buy orders, taking out all the sellers. This is great news for the price mid term anyway.
- Bitcoin simply corrected, and not dumped. There were untested support and resistance zones that, as per market structure, it had to go back and retest to ensure a healthy uptrend continues past 10k. I'd rather have 100 $10 candles to take us to 10k than 1 big green candle. Because a big green candle would dump us eventually. If you don't understand this concept, I'll be doing an explainer on it soon, here on my telegram.
- Alts are selling off, giving us much better setups and higher R trades: Alts dumped also, but sold off into their local support levels. This is great news if support holds, because it means you have a clear entry trigger. Simply buy support, target the 🌛 and that's it!
- BAT and LRC have great fundamentals: It's not all the time that only technicals matter. BAT and LRC have great fundamentals in their own right, and this is one of the reasons they continue to hold local support. Many people are realising this now, and soon, the price would rocket to new highs.
Those are my reasons why BAT and LRC might still rally. Of course I may be wrong because I'm human, but I'm so deep in BAT and LRC at this point that I really hope I'm not wrong.
Thanks for reading, and if you missed the first two links, my telegram is here!