A lot of you requested high timeframe views on different altcoins, and I shared some charts on my profile as well. I tried to cover as many as possible, especially the ones that were requested the most.
But let me explain the bigger picture.
Most altcoins are currently sitting at their high timeframe support levels. By high timeframe, I mean the weekly chart. These levels could be weekly demand zones or the previous weekly lows from where the market made a move up. Technically, these are important zones.
Some altcoins have already broken their lower timeframe levels, and you want to see them quickly reclaim those zones.
Now, here's the thing. I think this week is going to be important, and next week will be important as well.
We have FOMC this week, along with earnings from some major stocks. It's important to watch those earnings because, obviously, they can affect the crypto market as well.
Then next week, we have the US midterm elections.
Ideally, what you want to see is the market showing strength this week or, at the very least, next week. Even if we get a pullback, price should be able to quickly reclaim those levels.
I'm talking specifically about the coins that are currently sitting at important high timeframe zones. And for the coins that have already broken their levels, you want to see them reclaim and hold those zones again.
At this point, we could either see some good bounces or another round of pullbacks. It's a 50-50 scenario, and you don't want to bet heavily when things are this uncertain.
When October started, I also made multiple posts saying that I wasn't expecting the market to do anything crazy because it had already been moving up for two or three months.
So, good luck. Watch what price does, and don't over-risk.
But let me explain the bigger picture.
Most altcoins are currently sitting at their high timeframe support levels. By high timeframe, I mean the weekly chart. These levels could be weekly demand zones or the previous weekly lows from where the market made a move up. Technically, these are important zones.
Some altcoins have already broken their lower timeframe levels, and you want to see them quickly reclaim those zones.
Now, here's the thing. I think this week is going to be important, and next week will be important as well.
We have FOMC this week, along with earnings from some major stocks. It's important to watch those earnings because, obviously, they can affect the crypto market as well.
Then next week, we have the US midterm elections.
Ideally, what you want to see is the market showing strength this week or, at the very least, next week. Even if we get a pullback, price should be able to quickly reclaim those levels.
I'm talking specifically about the coins that are currently sitting at important high timeframe zones. And for the coins that have already broken their levels, you want to see them reclaim and hold those zones again.
At this point, we could either see some good bounces or another round of pullbacks. It's a 50-50 scenario, and you don't want to bet heavily when things are this uncertain.
When October started, I also made multiple posts saying that I wasn't expecting the market to do anything crazy because it had already been moving up for two or three months.
So, good luck. Watch what price does, and don't over-risk.