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- We Plotted The Altcoin Season Index For a Year and This is Unusual
We Plotted The Altcoin Season Index For a Year and This is Unusual
URGENT: Time Critical Charts You Can Use Today
AltSeason CoPilot Doug
October 17, 2023
Hey folks! So, you've been keeping an eye on Bitcoin's dominance, eh? You're noticing a double top forming, and I bet you're wondering what that means for your altcoins.
Well, you're in the right place, and I’m glad you are here.
Even if you are in a coffee shop, grab a double-double, and let's dive in, shall we?
Bitcoin Dominance Chart Double Top
BTC.D breaking higher to a double top. (chart by author)
First off, let's chat about this double top in Bitcoin dominance. In plain Canadian lingo, it's a strong move, but it's also a sign of high alert for crypto investors.
If Bitcoin's taking the spotlight, many altcoins can get overshadowed.
So, what do you do, eh?
Well, you focus on outliers in the bell curve - those that are more bullish than the average when we compare all the ALT/BTC pairs.
When Alert Status Becomes Hold Status: Pay Attention!
Now, if you've been following the AltSeason CoPilot (shoutout to those who have!), you'll know we've got coins in ALERT status and some in a special "PARTIAL HOLD" category.
NEW HOLD
When a coin moves from ALERT to HOLD status, it's like when maple sap finally starts flowing in the spring—it's time to tap into it!
You'll want to review these coins for your portfolio management because they've earned their stripes.
All charts and screenshots below are by the author
Why I Love Coins Shifting from Partial Hold to Hold Status
You might be curious why my favorite coins are the ones moving from partial hold back to full hold status. (I’m watching all 19 of those listed in the spreadsheet)
Simple: these could be the workhorse coins in the next altcoin season.
➽ These are the guys showing a continuation of a trend. Many are holding support after a range breakout - some traders refer to it as ‘the pocket’.
It's time to review the chart against our trading plan and consider if it might be worth taking a small risk with a tiny starting position.
The AltSeason CoPilot's Special Bell Curve
Alright, so here's where it gets even more interesting.
While Bitcoin is flexing its muscles, the AltSeason CoPilot is picking out a special group of coins that are like a pack of sled dogs pulling ahead in the Iditarod—they're finishing a bottom formation.
The average coin might be losing steam compared to Bitcoin, but these fellas are showing strength above the average.
Outperforming the Market, Eh?
This select group of coins is like finding a hidden fishing hole teeming with bass—it gives us an edge to catch our limit sooner.
Investing in this way allows us to outperform the market over time because we have tiny positions in all the top-performing coins in the bell curve.
That's the kind of advantage we're talking about.
We can never know which coin will do these insane moves so we do them all very small.
Small positions mean small risk, and, when we start catching these knockout moves - it makes all the work and preparation so worthwhile.
So, there you have it.
You've always known that the early bird gets the worm.
But let me remind you, it's not just about getting up early; it's about knowing which worms are worth getting, and when to let go of the bad ones.
Risk management is key.
Remember, folks, the markets have humbled me more times than I like to admit. The AltSeason CoPilot outperformed my own trading year after year until I finally just started following the plan.
That’s why we keep ready for when the pattern begins again.
So, are you ready to take some tiny positions and leave your money to work for you while you are doing something else?
When I’m trading correctly - I’m not watching price charts. I’ve employed my money to do that on my behalf.
Altcoin Season Trends in 2023
After plotting our custom altcoin season indicator for a year - it’s clear that we are now at an unusual opportunity.
Almost all of the ALT/BTC pairs have pulled back in the downtrend so we can plainly see which coins are crossing our action thresholds.
Once the breakouts begin, the risk of entering a new position becomes very much greater. We must be ready for the entry signal ahead of time.
Just as the baseball player must be ready to hit the ball when it crosses the plate, so to must we get our bat on our shoulder and be ready to swing!
AltSeason CoPilot Tracking in 2023
Keep your stick on the ice! No Snoozing!
I can’t predict the future, but I can say when it’s time to prepare.
Put the AltSeason CoPilot in your Crypto Trading Tool Chest.
Trade Safe and Keep Those Losses Small.
Doug