The whole market seems to be moving up, but as some of you may know, the best way to be looking at these valuations is not using USD but BTC. Yes, some altcoins are moving up, but are they truly bullish, or are the just following the leader?

The BTC Pullback

Of course this is not a stone set rule, but it seems to be the case more often times than not. After a big move up, we need some time to cool off, and a correction. Looking at some charts, we do look overbought and I would not be surprised if the pullback takes us back to 8200, which seems to be support at the moment.

I've set a ladder of buys on BTC just in case I can get a bit at a cheaper price. Now, could it go lower? Maybe, but it seems unlikely at this point. If we break from 8k again, we might be going back down to 7800, and thus completely wiping this last recent leg up, which does not seem to go hand in hand with public sentiment.

Playing the Alts

If you are trying to accumulate more of your favorite altcoin, the best way to do it in my opinion is to wait for BTC to move sideways, and keep an eye on BTC dominance. We are cruising above 57% at the moment, which tells me most people are holding their BTC positions for another move up.

But, along those lines, if dominance starts to drop a bit, there's a big chance the top alts will start to absorb some of that marketcap as traders move to hedge their positions.

Patience is key and I would not advise anyone to buy into an alt at the moment, but as always DYOR.

MenO