Silver vs altcoins: time to diversify?
There are arguably two historical bull markets about to start: altcoins (started, but the real fireworks are yet to come), and silver .
There's a lot of fundamental analysis about silver going around at the moment, especially with the #silversqueeze movement kicking off, and I've written some myself. Let's set the fundamentals aside for a minute and think like traders.
If we accept that there is huge profit potential in both markets, the question becomes when to sell one for the other.
Here I've used ETH/USD as a proxy for altcoins, because it does pretty well at that.
You can see that this composite chart respects support and resistance very well.
So logically, we're at support right now, and totally oversold on weekly RSI . If we saw a bounce from here, it would perhaps not be the dumbest thing in the world for even the hardest of hardcore crypto traders to consider diversifying.
The chart is in log scale, and due to immature nature and tiny market cap of Ethereum and altcoins in general during the early years I don't think it makes any sense to expect a return to all-time highs for this pair. I just added the measurements for fun.
There's a lot of fundamental analysis about silver going around at the moment, especially with the #silversqueeze movement kicking off, and I've written some myself. Let's set the fundamentals aside for a minute and think like traders.
If we accept that there is huge profit potential in both markets, the question becomes when to sell one for the other.
Here I've used ETH/USD as a proxy for altcoins, because it does pretty well at that.
You can see that this composite chart respects support and resistance very well.
So logically, we're at support right now, and totally oversold on weekly RSI . If we saw a bounce from here, it would perhaps not be the dumbest thing in the world for even the hardest of hardcore crypto traders to consider diversifying.
The chart is in log scale, and due to immature nature and tiny market cap of Ethereum and altcoins in general during the early years I don't think it makes any sense to expect a return to all-time highs for this pair. I just added the measurements for fun.
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