Altcoins Approaching Recent Lows - What's Next?

Moments Away

Altcoins continue to bleed over the weekend and are moments away from revisiting their recent lows. This is true for the majority of alts, although there are those that are weathering the storm a lot better than others. HIVE happens to be one of them, as it is only trading marginally lower than it was prior to the recent dump. This was not an unexpected dump for Sapphire Crypto. This blog has published numerous articles over the past few weeks with relevant data and technical analysis, warning that a dump was on the horizon. As usual, now that it has happened, those who were bullish are now “adjusting” their story. Before it happened, those who issued the warning were “clueless” and “missing out”. Anyway, this will never change. Let’s just put it this way, providing accurate analysis in this current market is almost a waste of time. The market is so disconnected it’s actually frightening. However, those who are aware and can plan moves based on solid intel are making money in this market.

The Week Ahead

The stock market experienced a rather negative weekly closed after being rejected at the 4300 level. This was expected and published 2 weeks ago.

Image Source – Noise.cash

I also posted a thread on LeoThreads hours before the Friday open. An inverted chart of the S&P 500, which looks pretty darn bullish. Being inverted, actually means pretty darn bearish. However, never underestimate a large group of ignorant people. Let’s be honest, the stock market lost any rational sense of bearing years ago already. I wouldn’t be surprised if Monday sees another attempt to push higher. However, if it were to happen it would simply be a case of prolonging the inevitable. The market is going lower. September is statistically a terrible month for markets and reality is at least starting to get through to some market participants.

A Better Way

In a recent post, I discussed an alternative strategy to buying into this fake pump. Simply selling existing holdings at the peaks and repurchasing the lows saw me able to increase one of my altcoins by 180%. Even if you bought the bottom, you would not have been able to match that return. What makes it even more attractive is the fact that no additional capital was used in order to increase my holdings. Unlike many who simply post opinions, I am revealing what I have learned over 15 years of being involved in financial markets. I have nothing to gain by warning you about what is to come. A handful of readers truly appreciate what I am trying to impart. What if you had considered my warning prior to the LUNA collapse? A target of $18K was given while BTC was trading above $30K. A worse-case target was also given, which appears to be inevitable at this point but there is still a slight chance we escape it but I doubt it.

A Fragile Moment

If the stock market continues to edge lower next week, I suspect that Crypto will take a heavy knock. We could see alts at significantly lower levels by Friday. A lot depends on how the broader market reacts next week. The weekend price action for Bitcoin and alts is not very impressive at all. One would expect even a fake pump but that seems to be a bit of a non-event. ETH is currently trading at $1574.00 at the time of writing. Approximately a week ago I published an article in which I disclosed that I had begun building a short ETH position. ETH was approaching the $2K level when it was published. Anyway, I am expecting to start a new accumulation of selected altcoins soon. It’s a bit early to suggest levels, as I want to see how the market responds this week. As always, this is not financial advice but rather hopefully a motivation to conduct your own research.

Final Thoughts

A special thanks to those who continue to support my content. I understand that this will most likely always be a very select and modest group of readers, as what we discuss here is not attractive to the “money hungry” parasites that enter Crypto trying to “get rich”. We give attention to data, and analysis, and endeavor to remain level-headed and unemotional as we approach the market. All the best!

Disclaimer

First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.

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This article was first published on Sapphire Crypto.

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