Alts have been having an outstanding run during the past couple of weeks. For the past 3 days, we start to feel the BTC price action shaking the alts. I started to move back to having 40-50% BTC in portfolio in the next couple of days. The wedge is closing and the next stop could be around 26000$. Please note that I am not a professional trader and this is my first publication based on my experiences I have in crypto trading, active since last summer. I've seen my alts bleeding in sats when BTC is in the bull run and I will be taking more precautions this time. It is better to be prepared. There is a saying in the world of cryptocurrencies. If BTC goes up, alts go down. If BTC goes down, alts go down. So in general, if BTC doesn't go sideways, selling some alts for BTC and waiting to see what will happen as soon as the wedge closes is the better option. Some trade with Tether. I can't say what is a good option for that since I don't touch tether.
PS: The alts which will tank the most will be the ones which has been pumped double digit gains. I'd take a look at the historical volume of trades to see if the whales who pushed the prices higher (long green volume bars) still in it or not. If there hasn't been long red volume bars, this would be a red flag for me, as the price can tank quite easily, if the whale decides to follow BTC bull run.
Let me know what you think... Happy trading!
PS: The alts which will tank the most will be the ones which has been pumped double digit gains. I'd take a look at the historical volume of trades to see if the whales who pushed the prices higher (long green volume bars) still in it or not. If there hasn't been long red volume bars, this would be a red flag for me, as the price can tank quite easily, if the whale decides to follow BTC bull run.
Let me know what you think... Happy trading!