ALTS UPDATE šØ
As weāve been watching, altcoins are in a critical spot, caught between trendline resistance and horizontal support. The real question here? How does $BTC.D react in this zone. Hereās what Iām seeing:
1. Trendline Breakout: If $BTC.D breaks above the trendline, alts have a shot at holding steady. With $BTC potentially pushing towards $120K, the alts may avoid heavy bleed, but they wonāt be making any huge moves just yet.
2. Post-FOMC Shift: Once the FOMC dust settles, thereās potential for a small recovery in some of the stronger altcoins. However, donāt expect a major rally. Itās likely to be more of the sameāsideways actionāwith alts remaining stagnant or slightly recovering post-FOMC.
The Bigger Picture: The fate of the altcoin market largely hinges on $BTCās performance and how $BTC.D behaves. A drop in $BTC.D, after the potential pump, could ignite an altcoin rally, but thatās still speculative at best. For now, the broader market feels like chop chop until the end of the year.
Key Takeaway: If youāre playing the altcoin market, patience is key. Iām not expecting big moves.
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