Hey everyone,
I’m just getting back from vacation today. It’s nice to be back home in Florida!
Update on the Markets
BTC dominance is an important chart that lets us know what percentage of the crypto market is in bitcoin. When that percentage falls into the range of 60-50% from these high levels, it’s an indicator that altcoin season may have started. We are still above 61% but it’s normal to have consolidations (sideways movement) after steep drops.
The altcoin season index has increased tremendously from it’s lows. Pullbacks are normal when altcoins run hot as people take profits on the way up.
ETH is the second largest crypto on the market and is the first to start moving when altcoin season begins. This chart compares the price of ETH to BTC. The last time it hit this range in 2021 was when altcoin season occurred. ETH is outperforming BTC which could be the beginnings of altcoin season.
Trump’s World Liberty Financial just bought $1M worth of ETH.
BlackRock, the worlds largest asset manager bought $1.2B ETH on 7/22 and 7/28!
All this information indicates that altcoin season is likely on the way!
Technical Analysis
Over the last week, we’ve seen the altcoin market have a pullback but this is all part of normal market mechanics. I think we will still see bullish moves into the weeks coming.
Both SHIB and LUNC are still moving sideways. Not much has changed for both of them.
XLM and XRP are both interesting when you view them from a logarithmic chart instead of a regular price chart. What this means is that the focus of the chart is based on percentages rather than price.
XLM appears to be gearing up for a wave 5 move.
If we are coming into the 5th wave, it may do something like this:
XRP looks very similar to XLM on the Logarithmic chart:
If XRP is also coming into a 5th wave, it may look something like this:
Does that seem crazy? XRP posted around 72,000% gains from the low to high during the 2017-2018 bull run!
OXT has fallen back to it’s support range.
However, more catalysts like this may eventually cause OXT to be very valuable one day since it’s primary usage is VPN services.
We are currently up 113% from our entry price of 0.0027 on ZBCN. I think it’s going to make a new high with the market inching into altcoin season. You could always be conservative and sell half once it gets close to it’s all time high of 0.0073. You’ll be up a 170% and by selling half, you reduce your risk and walk out with a profit!
Our stock trade on ZNOG is slightly up at 0.22 and it bouncing off of it’s trendline.
That’s all for this week. Blessings all!
Ron
