Go for it

The situation for altcoins is not optimistic. Most altcoins show no signs of stabilizing when looking at the daily and three-day charts; instead, it seems they will need to dip further. Therefore, entering the market to 'catch the bottom' at this time is clearly unwise! Let's take a look at the situation of the king of altcoins, Ethereum. Currently, ETH is supported at the middle Bollinger Band on the daily chart! However, this support is not guaranteed to hold, as it has already entered oversold territory on a larger scale! Last night, I thought we could expect another push to break 4200, but when I woke up this morning, the structure was destroyed by Bitcoin's drop, and that thought has been dismissed for the time being. Therefore, I can only wait for this wave of ETH's daily downtrend to play out before I can continue to be bullish. This includes some other altcoins, which frankly have been performing very poorly. So, in reality, I haven't traded altcoins in the last two to three days, and I suggest my friends to temporarily stay in cash and observe, waiting for the return of the bulls!