Altcoins: A Harsh Reality
If all of this is really going to fall off a cliff, even altcoins aren't likely to perform. And this could be why and is more likely why
Everyone sees alts as being in a bear market all this time
They weren't
The waves 1 and 3 were SOOOOO strong gains wise in alts. wave 5 truncated
This is why often when wave 3 extends, wave 1 and 5 match in percentage
That's also why in a diagonal, you can get a blow off top. Wave 3 in a diagonal doesn't have to be the longest and strongest
Wave 1 and 5 usually are
When its 5, if can be a blow off as 5 overshoots the trend line of 3 and 5
Any wave can extend
If this is the pattern, it means alts were in a secular bull market still, but because waves 1 and 3 did so well, wave 5 was too filled with sellers
This usually happens when the conditions turn majorly bearish. The riskiest assets fail first.
That's why alts did this. Then Bitcoin went into a bear market before stocks.
Now other things are following. Everything soon will be.
And if it all is. Are alts really going to do a super cycle?
The worst part is. truncation usually precedes a huge move in the other direction. I included an example. Not the best match in terms of pattern, but this one was more to show off how bad the move is after. if this is accurate. Which would make sense. If everyhgi else crashes so hard, alts are dead. Please set stop losses immediately if you own any alts. Please If you don't know how to do this, or just panicked that you are in so many alts and doing this feels overwhelming., then even more please set stop losses and if possible derisk.
Everyone is so concerned with missing upside that may never happen, while exposing themselves to downside the could. It's crazy to me
The S&P 500 was supposed to be in a bear market in 1929. The fifth wave truncated. and the greatest bull market of all time happened
Bitcoin's 2015 double bottom was once again, truncation, the following bull market was Bitcoin's biggest in terms of fame, and was the biggest alt season