Trader Eugene: If Bitcoin does not make a new high, alts may slowly decline, and it has not yet hit the bottom.

BlockBeats News, on June 17, top trader Eugene Ng Ah Sio posted on his personal channel, "After Bitcoin was rejected by the $110,000 resistance level several times, the market basically fluctuated in the range of $100,000 to $110,000, and altcoins began to show signs of consolidation and stagnation." Without Bitcoin making new highs, I would expect Total3 (total market capitalization excluding BTC and ETH) to slowly decline, as holdings in the market are gradually being depleted and unlocking pressure continues to weigh on the price. The current market is still difficult to trade, and I have adjusted my strategy to significantly reduce the frequency of trading and focus only on high-risk-reward opportunities. This means that the stop loss must be very strict, and you must not chase those sentiment coins that have risen. The altcoin area I'm currently focusing on is not close to what I think is the value zone, so the spot position remains light, and most of the operations are still based on short-term strategies."

BTC1.08%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 2
  • Repost
  • Share
Comment
0/400
Mr.Shuijinvip
· 06-17 10:10
What a fall to expect, having no position oneself and hoping for a continued drop, lacking perspective! How selfish!
View OriginalReply0
ThereIsWineInTheRivvip
· 06-17 08:40
99% of alts are still at lower prices before the launch of BtC. If they fall following the decline of Btc, it will have a significant impact on the crypto world. This situation will only accelerate the occurrence of events leading to the exit from the coin world.
View OriginalReply0
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)