Altcoins are following btc down trend at the same percentage around( 8 -12 % ) /24h same as btc today 10% loss and all in dollar's price .
Okay , but when there's up trending you see a different story some altcoins surpasses btc like some around 50% and almost all other's follow btc steps if btc up 10% they are up 10% [i am referring to dollar's values here ]
So what's my take on all of this .
First what I'm doing at these moments , i take leverage by selling on down trend to USD .
First sell alcoins to btc then btc to dollar's & buy back at discount only when i feel the market is turning fully green and bullish .
So I'm thinking every body is doing this but I don't see it taking affect on alcoins price
Bcuz if people are selling alcoins to btc then to dollar's alcoins should drop 20 --30 or Even 50 % in usd dollar compared to btc 10% drop , this means only one thing people are not selling alcoins they're holding and price only following btc down trend ........ so the down trend is on bitcoin shoulder for these reasons 1 - no trading volume , no buyers pumping the price up & not due to selling out to dollar's and lossing confidence in cryptocurrency
Just to give some perspective when bullish you see price of alcoins jump like fire works large trading volume and surpassing btc trend this telling you there are buyer's .
now to the tipping point
There's two ways this market is going to do
First.... staying like this , their is confidence in the market no one selling alcoins hopping for btc to recover and see new highs ( this is possible and it's natural for this to happen bcuz of big players this is how they close on their profit they need to sell high to buy low or to get out )
The second is the scary part , loss of confidence and you start seeing alcoins are being sold to USD the que is altcoin price fall much more than btc price 50- 100% down in USD price in 24% .
This is when you really need to get out it's a blood bath and need real assets to come in the market to pump it up again .
Thank you for reading
this is only my view on things , I'm sure you have your own take on this topic and on this post please share in the comments , I'm very interested to see what's your take on this bear market .
Thanks all by @topslim
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I've been thinking about this btc-drop relation as well, so it's good to see it so clearly. Everybody is talking about weeding out the shitcoins and how 90% of altcoins are going to die, so I guess it will be a selffulfilling prophecy at some point. But I still think a lot more people and money are going to dive in to cryptos before that happens.
Hoping sentiment will turn bullish after friday again. I think futures are killing BTC at the moment and are bringing alts with it
Ah i don't understand futures yet , but i will search about this
I love the down days, so many free coins up for grabs.
Only if you have leverage USD then it's Christmas
This is a really good point @topslim. I’m one of those Hodlers that’s not moving the market. If I’m doing it- a lot of other people are too. We all bought in before the huge dips and are waiting for a bullish pattern !
Just be careful of the sign if alcoins sell more than btc i think confidence is lost and there will be major drops , other wise staying put is a wise thing to do :-)
Absolutely @topslim, solid advice!
It's so annoying, just when you think about buying stuff with your crypto, the price keeps going down.
Nice post @topslim
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