Current State of the #Altcoin Market Thread. Here are my thoughts on where we're at + what is to come in the next few months for $ALTS, $BTC, $ETH, and many others. $LINK #Bitcoin #Crypto

To begin, I'd like to link my big thread I made in June. I was not correct in terms of the timing, #DeFi pushed the #Altcoin market high during the summer. That said, we're currently experiencing what I predicted: a market wide sell off and cooling period. https://twitter.com/AltcoinSherpa/status/1272538272972124160

I'm going to mimic the first thread a bit and look at many of the same elements and go from there. I'll also highlight what I'm thinking in the short and longer (3 months) term for $ALTS and $BTC.

In short, I think that October and November is going to be fairly choppy with some nasty spikes in both directions. I would not be surprised to see the market continue lower, especially for #Altcoins. That said, I expect a BIG December for $ALTS and crypto in general.

Let's look at the main drivers for crypto: $BTC and $ETH. #Ethereum and #Bitcoin have both had sell offs during October and November the last few years. Is this year any different? Probably not.

I wouldn't be surprised to see a lot more chop in general for the next two months for both of those. IMO, $BTC will go up to the 11ks and then head lower. I expect the #Altcoin market to follow $BTC (if BTC heads lower, so will $ALTS).

What does the #Crypto Market cap look like? Fairly similar to the rest of the market. Price has pulled back and this is fairly normal compared to the last few years. The MC generally follows $BTC. I'm hopeful that we see 300B hold in general.

#Bitcoin dominance- currently ranging. I wouldn't be surprised to see this go a little higher to be honest, which would be very bad for #Altcoins. I expect nearly all $ALTS to suffer in this case. The market is still correlated IMO.

$ETHBTC is usually a good gauge for how the #Altcoin market is and this has been fairly stagnant the last few weeks. Wouldn't surprise me to see this go to .0285. $ETH could keep grinding down in the short term.

It's been quite brutal to see the sell offs on the #Defi coins but those were expected given how hot they were. If anything, this is a great reminder for myself to take more profits than I should have.

Ok, so I'm thinking that we see #Altcoins and $BTC grind lower over the next 2 months (ish). With that said, I STRONGLY believe that December is going to be a very good month for $ALTS. Here is #Ethereum + $ETHBTC for example- the last 3 years it's gone +100% at a minimum.

The crypto market cap has used the early/mid December as a launch point the last 2 years. Too small of a sample to maybe conclusively say the same, but crypto is a new market and I still believe we'll see this same thing happen again.

I believe that many #Altcoins are going to hit some sort of capitulation low in the coming weeks and then accumulate from there. Luckily for us, bottoms take time to form and I believe we are going to have plenty of time to get in. Something like this for #Chainlink $LINK

Overall, my plan is to stay mostly in USDT and have a few long term holds (something like $DOT I don't plan on selling too much). Keep your overall trades very short and the overall market structure on many of these coins is BEARISH. Shorts are probably better R:R than longs.

My plan is to start accumulating #Altcoins that I like and to DCA down. I don't plan on going 'all in' on any trade in the coming weeks, I think that is a risky idea. I'm going to buy the coins that I think have very high potential to pump: $LINK $DOT $ETH $SOL $YFI, many others.

One wrench that I've thought about is if $BTC goes on a massive run in December. This would likely capitulate a lot of #Altcoins in general and destroy many ALT/BTC pairs. If BTC goes up huge, my guess is that ALT/USD goes up, ALT/BTC goes way down.

With that said, in 2019, $BTC and $ALTS pumped together (ALT/BTC pairs too)- this is a magical, euphoric time for us #Altcoin traders. BTC did a slow grind up though and not a massive bullish spike- if it's the latter, I think we see pain for $ALTS.

Tl;dr: I think crypto is going to be choppy for the next 4-8 weeks, I think that a market wide downtrend continuing is likely and to be very careful. That said, I think December is going to be very good for #Altcoins and $BTC and I think that DCA into positions you like is best

I'm going to keep playing it level to level but make sure you preserve capital and try to survive until December. Good luck, stay safe, use stop losses and take profits. Let me know what you think of this thread.