Bull Season or Bull trap.
Majority of coins observed remarkable growth. At one stage BTC was trading around $35,280. However, coin unable to maintain its worth and currently trading aroun 3,3700. Still coin observed more than 9.7% rise in last 24 hours.
Current momentum opened new debate that is this the start of bullish season or market may dump again. It is hard to tell which way the market will move. One good news may pump up the market and one bad news may dump the market.
From the past we observed during Bullish season BTC increase its dominance and currently BT is increasing its dominance
from last 7 days. Current dominance is 53%. Investors shifted their equity from alt coins to BTC. Eth also observed 12.5% rise in last 7 days but the rise is less than BTC which observed 18.3% rise in last 7 days. During bullish run ETH surpass BTC and we observe a rally on ETH based coins. After that bluechip project observe rise and at last low alt coin observe massive jump.
It is too early to comments about market behavior. It is a fact market is not in our control. Only things in our hand is that adopting good tactics to earn profit and save our asset from loss.
One of good tactics is to book profit on those coins which you kept for short time. Many coin observe 30% rise and it is good time to book profit as the price may dump again. Profit is useless if you don't book it in time. Hold those coins which you kept for longer period of time. Normally people hold blue chip coins for longer period of time. I will not recommend to sell your blue chip coin at little profit. Hold for the bullish run and when bullish season is at its peak sell those asset.
Another important point to remember is that refrain from further investment in market due to bullish run in market. Blindly investing money may suffer you a big loss.
Another thing we repeatedly observed that market dump after last week of November and December. There is nothing to worry. Play safe and take calculated. What is your opinion my friends?
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.
Great post! I agree with your analysis of the market and your advice to investors.
It is definitely too early to say if this is the start of a bullish season, but the signs are encouraging. BTC dominance is increasing, and both BTC and ETH are up significantly in the past week.
One thing I am still quite certain of is the fact that 2024 will still be a bear run
Clearly a bull season, hopefully.
Some of the past conditions and the current market seem to me to be a bull trap. But I hope that something good happens
If we stay above 32,500 then there is no problem. Then we will go to 40 thousand.
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STOPThis rise has been quite impressive in the past few days however with it the hope has gone up that the alts would rally too let us see when that happens