Keep an Eye on Alts While BTC Goes Sideways in this Triangle

BTC has been going roughly sideways for months, some major coins have been in a similar pattern and/or underperforming. However, many alts have preformed well.

Back on August I described “a giant triangle wedge type thing for BTC” and I asked, “Is alt season coming?

Well, BTC is still trapped in that giant triangle wedge type thing, but to the other point about alt season, the answer to the question was, “sort of, but you need to really do your homework to get it right.”

The grand result is that BTC has mostly stagnated, ETH and some other top alts have been ground down, but many minor alts (and a few top ones like Doge and XRP) have done really well (others like ZRX and BAT have been solid as well).

It may be a bear market of sorts still, but there have been many chances for 20%, 50%, 100%+ gains in there if you played your cards right (and honestly this is one of the top things to look for in crypto, BTC stagnating while some alts pop).

Even with losses in other typical winners like NEO, ETH, LTC, IOTA, ADA, ZEC, etc (and ETC for that matter), wins in other alts have gone a long way to truly creating a sort of stagnation for someone playing a spread and wins for those who have made great plays (range trading or picking the right coins).

I don’t know how much longer this will continue (as you can see in the image above, the triangle could be said to be getting rather tight right now depending on how we draw it), but my point here is that while everyone else is calling big bold bear and bull targets for the big coins, I am focused on trying to find those coins bouncing off all time lows so I can accumulate (that means buy low, sell high, while attempting to grow my stack for long and/or averaging).

Those good projects that got beaten down so hard that 100% gains is hardly out of the question, those are the ones I look at. It is sort of like a game of chicken. The market pushes a coin to its all time low that I know is a solid project, I call the bluff at some point and put a buy order in.

Until Satoshi breaks out of his triangle wedge type thing, I can’t see anything other than sideways for BTC (a tautological but important point). Meanwhile, ETH clearly hasn’t finished its corrective pattern yet.

I.e. the big market movers aren’t moving, so they can’t get in the way of alts.

And on that note, we have like 1,000 altcoins to play with.

Point being, make sure to keep an eye on those top 50, 100, 150, or even 200 by market cap.

If you find a project you love, and that token is down at or past an all time low and is now traveling sideways (showing what looks like a bottoming process), maybe consider what risk/reward that might bring.

All that said, we need to be cautious if and when BTC or ETH breaks up or down. That could totally change the cycle and fling us into another mood (see the mood of the market). In some cycles only BTC runs. In some cycles ETH is king. In some cycles alts pop like popcorn (I hope the next cycle lifts alts up, but literally there is no way to know for sure; just gotta react as it happens).

This isn’t alt season I don’t think, but alts have been popping like pop corn or at least many are showing slight uptrends, a bit like a mild October – November 2017 in fact.

Point being, keep an eye on alts and ignore the overarching narrative that is focused on BTC and ETH.

TIP: I purposefully haven’t noted any alts to keep an eye on to avoid influencing you. The research and investing part is up to you, I am just trying to make you aware that there has been some nice alt action under the radar here while everyone waits in purgatory with BTC and some other bigger names.

Author: Thomas DeMichele

Thomas DeMichele has been working in the cryptocurrency information space since 2015 when was created. He has contributed to MakerDAO, Alpha Bot (the number one crypto bot on Discord),...

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