It looks like Mt. KillYourPortfolio (Bitcoin) could be erupting for a fourth time this year, once again covering the citizens of cryptoland (altcoins) in a sea of red lava (red candles). This natural cycle helps to create fertile lush green mountains (green candles), but that is little consolation to those who haven’t sought shelter (HODLers). <—— because altcoins tend to correct harder than bitcoin when bitcoin goes down and sometimes they fail to go up with bitcoin, bitcoin forming little mountains “kills your altcoin portfolio.”
One might think this wouldn’t be happening given all the sacrifices already made to the Whale Gods, but these deities work in mysterious ways, and sometimes despite the best efforts of the plebs they demand more sacrifice.
Point being, although this could be a minor eruption that helps create a very tall lush green mountain like we saw from 2016 – 2017, or it could be a series of small eruptions that jumpstarts a 2016 – 2017 type process like we saw in 2015, for the time being it sure looks like Mt. KillYourPortfolio is pulling another 2018 and creating yet another volcano in a fractal-like series of volcanos (a large descending triangle; a bearish continuation pattern).
This IS covering the citizens of cryptoland (altcoins) in a sea of red lava. However, at the time of reporting no lives have been lost yet (barring Bitconnect).
The reality is there is still hope. After-all minor eruptions are needed [to test previous support levels] in order to form taller mountains even in the best of times and especially after a potential bottom! For example, see the image below where a fairly bullish projection clearly includes pullbacks on the way up in the style of the great TA God Wykoff:
NOTE: The reason our forefathers (me) named this Mt. KillYourPortfolio is because every time it erupts it covers the brave citizens of cryptoland (altcoin bag holders) in scolding hot lava (big red candles and heavy on-paper losses). Thus, while this natural cycle might be just fine long term for King BitcoinaCoina and those who have learned to go to and from the island by boat (skilled traders), for the citizens covered in lava continued eruptions make escaping their molten caskets that much harder. Of course, even that is not impossible. Altcoin charts from 2013 – 2015 show that these citizens are very resilient and only a handful of them actually ever end up going to their graves. Instead, the citizens have an uncanny ability to ascend newly formed mountains despite looking rather dead.
Below is a previous update on Mt. KillYourPortfolio. As you can see, it did kill portfolios, it really did though. Sad face.