Crypto Michaël’s market update on why altcoins are still very attractive in general, how to approach them and what is expected in the coming months.
The market is at the brink of some beautiful months for both altcoins and Bitcoin. These are the times many can maximize potential of their coins by compounding, not taking too much risks or FOMO into coins that are pumping.
Michaël uses BTC pair charts to determine altcoins potential because they show the bigger picture and what is expected long term.
First pair of chart is SXP/BTC. SXP is attractive because it is still in accumulation range, historically similar to the accumulating period months before the take off in July 2020. SXP price is currently down 87% on the Bitcoin chart and once the critical levels of 100 MA and 200 MA is flipped, we can assume the new bull cycle is about to start. This is the best time to aaccumulate SXP (1:20).
SXP chart was also compared to THETA/BTC where THETA outperformed Bitcoin by 20x after two different accumulation zones and massive pull backs to retest and confirm support. AAVE/BTC had exact same picture with similar sideways actions before it breaks out of the zone and went on a parabolic run (6:28).
DIA/BTC is also making a similar accumulation period but it has a crucial reistance level to break which is the 100 MA. KAVA/BTC is currently building up as well slightly breaking out of the 100 MA, not expanding yet but showing signs of accumulation. The sky is the limit once it starts accelerating to the upside (8:00).
Altcoins will definitely pull another 10X from current positions as most are still undervalued against Bitcoin, and the upcoming months are crucial for the acceleration to the upside.