BTC Dominance Squeezes ALTS again - accumulation phase?

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The price and sentiment of Bitcoin is known to affect all other coins ('alts') almost without regard to their individual fundamentals. A great primer for this is @beehivetrader's timely Bitcoin Dominance Analysis.

This morning, a squeeze in BTC price has pushed alts underwater, exerting dominance once again. But this may not always be the case. Is it time to BTFD on alts?

Take a look at the above chart for XLM. When these Stellar Lumens nearly topped 900 sats, we asked @beehivetrader to give us an analysis of what price we should enter back in at. Below is their chart from this post:

It would appear that we have definitively entered into the 'accumulation zone', and while @beehivetrader smartly recommends a stoploss around 600 sats, we do not currently carry a stop loss with Lumens, because we don't mind holding Lumens.

Before worrying about whether it will ever go higher again, we wanted to take a break and remember that last week we were wondering if it would ever go lower. It did, and we are happy to have set nice juicy buy ladders waiting for just this occurrence.

Hive also took a dip, here's HIVE/USD:

This will be the third time HIVE tests a bottom here, so HIVE too maybe entering an accumulation phase. @beehivetrader just put out a very complete HIVEandSTEEM analysis, and their conclusions are as follows:

We ourselves try very hard to not make any predictions but instead take precautions appropriate to what may happen. Our favorite coins may well go lower, and if so we will be there to buy them!

But what we see on the above chart is that STEEM has become trapped below a previous support, now resistance, and Hive keeps bouncing off what appears to be a floor, if only a local one.

On a technological level, this is the same technology that had us bullish more than 3 years ago, and we still do not see serious competitors entering the space. That said, on a fundamental level there remain governance issues, and we see more development and experimentation in governance solutions in Layer 2 projects than on the chain itself.

Time will tell for each project, but for now, we remain motivated by our top indicator of any project - active development.

And since @beehivetrader is a new HIVE user, who produces interesting content, go ahead and give them a follow if you haven't already.

This is not advice, it is History. Always do your own Homework.

Posted Using LeoFinance



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1 comments
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Thanks for the kind mention :)
This will motivate me to provide more quality content later on

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