BitcoinLong
90% plus of ALT Coins Overbought = BTC BULLISH
The following list of Alt coins are overbought when you look at their monthly charts with Bollinger Bands (Default Settings):
ETH
XRP
BNB
DOGE
ADA
LTC
BCH
LINK
VET
XLM
THETA
TRON
This list doesn't include UNI, WBTC, USDT, USDC, FIL, DOT and SOL for either not enough data or being a stablecoin. With that said the above is 913 Billion dollars worth of Crypto Marketcap which is overbought. That means 90% plus of ALT Coins are overbought.
BTC already digested its Overbought Bollinger Band pill. These coins still need to. Now will people move to Cash (Remember Cash is Trash) or BTC?
I have to say BTC given inflation is heating up and we get a CPI print on May 12th likely to be bullish for BTC. Not to mention on May 13th Alibaba reports earnings and is rumored (I REPEAT RUMORED) to have bough Bitcoin.
We need a universal denominator and it will be BTC. ETH is great in some ways. Sucks in others. But is not likely to fill this role despite all the noise going on right now.
Stay Calm and HODL on friends.
ETH
XRP
BNB
DOGE
ADA
LTC
BCH
LINK
VET
XLM
THETA
TRON
This list doesn't include UNI, WBTC, USDT, USDC, FIL, DOT and SOL for either not enough data or being a stablecoin. With that said the above is 913 Billion dollars worth of Crypto Marketcap which is overbought. That means 90% plus of ALT Coins are overbought.
BTC already digested its Overbought Bollinger Band pill. These coins still need to. Now will people move to Cash (Remember Cash is Trash) or BTC?
I have to say BTC given inflation is heating up and we get a CPI print on May 12th likely to be bullish for BTC. Not to mention on May 13th Alibaba reports earnings and is rumored (I REPEAT RUMORED) to have bough Bitcoin.
We need a universal denominator and it will be BTC. ETH is great in some ways. Sucks in others. But is not likely to fill this role despite all the noise going on right now.
Stay Calm and HODL on friends.
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