Good evening to all my friends. I hope you all are doing well. I am having a fantastic. This weekend i am going to watch movie with my friends. Btw let's talk about crypto market. Bitcoin is trading above $100k 🤩. Isn't is crazy. Today i am going to discuss about when to book profits and sell altcoins this season. Many investors, especially those whose portfolios dropped by 70-80% in March 2024, are worried that if they don’t sell at the right time, they might face another crash. However, I believe we are in the final phase of the market. Since Bitcoin broke its downtrend around $68,000, I have seen money flowing into larger coins, which has created a sense of fear among investors. The rally in March 2024 was part of a pre-halving rally, which happens in every cycle. Today, I will discuss how you can identify the right time to book profits and sell altcoins, while also keeping an eye on the broader market situation.
Now, let’s talk about Bitcoin. If I look at Bitcoin on a monthly chart, I see that every time it reaches the top of a cycle, the RSI trendline gives a signal. In past years (2011, 2013, 2017, 2021), whenever the RSI got rejected from this line, it marked the top of the bull market. In March 2024, Bitcoin was above $40,000, and the RSI faced a similar rejection. This could mean we are near the top. The total crypto market cap is over $3.5 trillion, and the RSI structure suggests that a correction may be coming. Historically, when the RSI was rejected from this line, the market faced a big correction. Therefore, it’s important to watch Bitcoin’s dominance, as a rise in Bitcoin dominance usually signals the right time to book profits in altcoins. That's it for today. Here's the latest update video of crypto market. Thanks & have a good weekend!!
@abfarhan