Strong evidence of a probable and prolonged bull move for altcoins exists. Trade ideas from this week and last week are already up between +10 – 30%

 

Evidence of an incoming altcoin bull market

 

The chart above shows Cardano’s (ADA) Bitcoin pair chart (ADABTC). The most important part of this chart that would show the earliest evidence of a turn in the current altcoin market against Bitcoin is the Volume Profile on the right side of the image (horizontal red and green rows). The Volume Profile is a type of volume analysis known as Volume At Price Analysis. This type of analysis shows how much of something was traded at a certain price level. When you see certain rows that stick out or are longer than the bulk of the row, those are known as high volume nodes. They become very important support and resistance levels for traders who use tools like the Volume Profile. And when new high volume nodes form, that is a powerful piece of technical information to pay attention to.

Cardano’s Bitcoin chart is displaying the same kind of behavior that many other altcoin charts are showing. In fact, some of the altcoins that I’ve discussed in prior articles and identified buy zone have done very well this week from their entry points:

ADABTC – +10%

EOSBTC – +14.2%

NANOBTC – +21.6%

NEXOBTC – +32.85%

GNTBTC – +2.6%

All of the altcoins listed above have a shared condition – a new high volume node. And that new high-volume node that has been created has been when price has created new all-time lows or new multiyear lows. What’s even more important is the massive distance or gap between the current new high volume node and the next high volume node. On almost every single altcoin that has a Volume Profile that is similar to Cardano’s, there are gains in excess of 100% from their present values. And that is just from the present node to the next – above that, there are between 200% and 600% gains that could be relatively easily attained with a sustained bullish move. And I believe that bullish move could occur here at any moment.

Besides the price and volume conditions, altcoins (and Bitcoin) are very near an important square of price and time for the cryptocurrency markets. August 6th is an important Gann squared date. Gann wrote that when time and price are squared, big moves occur and often massive trend changes develop. This is also when major news (known and unknown) tends to occur. For example, the square of price and time in cryptocurrencies has been known for years, but it is occurring at the same time Litecoin will experience its next halving event. I am anticipating a very strong move in the altcoin market this weekend that will more than likely extend further into August and, if it can trend higher for at least 30-days, we could see it extend to the end of 2019.