TWO REASONS WHY YOU SHOULD BE CAREFUL WITH BUYING ALTCOINS BEFORE THE BITCOIN HALVING EVENT
Fundamentals:
The Bitcoin halving event from a some couple of weeks away and there is usually a strong price impact on altcoins.
Technicals:
The overall market structure for all altcoins excluding Ethereum is shown in the chart below.
The total market cap of Altcoins has reached a new peak and is expected to experience a retest of the recently broken resistance level, now acting as support, before continuing its upward path in the bullish trend. đâš
A very important point to note is this:
Usually, during the Bitcoin halving event, thereâs always a significant price drop with all altcoins to the strongest support zone.
The overall market cap will drop to around $790 Billion from $802 Billion.
Thatâs quite a significant drop.
This analysis is targeted at helping you know when to take profit or if you should still your position.
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Educational purposes