Bitcoin & Altcoin Market Conditions
After a sideways price action this summer volume dropped on Altcoin Exchanges in early August followed by a steep seel off that has seemed to have reached bottom on August 18. The 1D candle switch from the 18th to the 19th has seen a signifigent rally that is leading many to assume that a new BTC bubble is just around the corner.
If a new bubble is looming it is time to start accumulating Altcoins, but which ones? BTC is the king of all markets and drives the price action. LTC, PPC, & NMC are classic “Blue Chip Alts” that tend to rise with BTC. Additions to these traditional plays would be any of the “Anon” coins, with a focus on DRK if it continues it’s current trend. BC seems to have risen from the ashes in recent days with a lot of good news stories and the addition of new BC trading pairs on Bittrex.
BTC seemed to be on course for long sideways accumulation phase, but this recent flash crash is more like the last couple of bubble patterns which all started with a large shakeout before entering into a bull market.