Most altcoins could massively profit from bitcoin’s weakness in the past week, especially Solana and Chainlink both established a new local top.
But today in the early morning hours the market suddenly experienced a “flash-crash”, some altcoins lost more than -10% of their value in a matter of moments. Nevertheless, “big brother” bitcoin showed quite some strength and the crash looks more like a temporary cool-down. My expectation of a continuing wave (iii) until the level of 35’436$ is hit remains the same, so no need to indulge in fear or even panic. We should continue with the bullish trend in the next days, and it would be helpful if bitcoin manages to push above the last local top.
For those of you wondering about the wave movements in our altcoin portfolio, I am going to monitor the situation and publish further updates about them on our YouTube channel.
As you may have noticed on the chart, I highlighted the alt.(i) scenario again with a red flag. I explained this scenario in past updates in greater detail. The whole movement of bitcoin since the bottom of wave (ii) could turn out to be just another wave (i) – wave (ii) setup. This would result in a correction which would throw the market back to levels of 24K, this scenario however remains unlikely as of now.
Some subscribers might have heard this for countless times now, but I want to make sure that everyone here heard from this scenario at least once.
To finish things up, I still expect that we should move higher in wave (iii) until our orange target zone is reached. As of now, I don’t expect that the market decline significantly lower and there’s no need to let fear control your emotions.
Have a nice week, greetings from Zurich!
Please note that we are already invested in Bitcoin since the 15th of June 2022, back then we announced our first positions on tradingview.
Long Bitcoin (BTCUSD)
AVERAGE EXECUTION PRICE: 20’714.20$
LONGTERM TARET: +120’000$