Could we be in for a correction or is THIS alt season? Traders speaking out

 chepicap.com  05/16/2019 10:36:19   Alberto Arnaldo

With the global market capitalization of all cryptocurrencies combined back to the range of $250 billion, excitement is the dominating feeling among traders and it can be detected with just a quick look at crypto Twitter. Although there must be a correction somewhere in the road ahead, even if it is just a break before continuing gains, it is not in sight in the forecasts of some highlighted accounts.

A trader known as botje11 in the Tradingview platform, shared his latest price forecast 9 hours ago for Bitcoin and the rest of the crypto markets. Interestingly, the trader recognizes that, just like many other people, just a few weeks ago he thought as well that Bitcoin would retest lows below $4,000 before searching for the highs where it currently sits.

While admitting that “normal TA has not really worked past few days”, botje11 also mentioned that “what i am trying to say is, sometimes FA is the boss. It's actually always is the boss, but with TA we try to spot the intentions of the market”. The trader appears to be convinced that there is no large correction upcoming: “Looks like the crypto market is not thinking about making a correction. Bitcoin is less clear, but that one is also still buy the dip”.

Other analysts on Twitter have been sharing their charts as well. Luke Martin from Coinistresearch sent out this chart, wishing for a continuation of the ascending pattern that Bitcoin is currently into.

Would be a dream scenario if $BTC was able to break past the current zone reaching for the next swing high around 9800 and knock down alts one more time.

I don't think that's the most likely scenario but it would be incredible. pic.twitter.com/DihoQHbG2l

— Luke Martin (@VentureCoinist) May 15, 2019

Thecryptomonk, another popular crypto trader, is also in full celebratory mode, regarding the ascending pattern traced by Ethereum over the last hours as well as the correlations between the different tokens:

First step completed. Unleash the beast now.

$300 here we come. pic.twitter.com/rpPBSFcNQo

— The Crypto Monk � (@thecryptomonk) May 15, 2019

BTC and alts pumping together.
It feels like early 2017.

— The Crypto Monk � (@thecryptomonk) May 16, 2019

Another trader, who uses the pseudonym TraderEscobar on Twitter, has just shared this update with regards to his XRP position, following a hard pump yesterday much like the rest of the market. 

$XRP H2 TF-Dear diary, I have been a solider for 4 days now and all I can say is, it is a magnificent life... I dream of fast cars and big boats all day long. Hewww

Patiently waiting for pumponomics = #XRParmy pic.twitter.com/ha4uYUfjYl

— ESCO�AR (@TraderEscobar) May 16, 2019

Escobar appears confident that the next leg of the generalized bull run which is affecting the crypto markets at large will be characterized by the gains of tokens such as Ethereum and XRP, after having lost much of their ground to Bitcoin in dominance terms lately:

$ETH 1D TF-Something like this? =

XRP & ETH are coming for that Bitcoin Dominance pew pew =+=+ pic.twitter.com/Bxu5xiYaxw

— ESCO�AR (@TraderEscobar) May 15, 2019

Elliot waves trader and believer zeroindicators appears to be on the trend continuation side of the argument as well, recommending "hands of steel" to those holding Ethereum in the upcoming wave:

Hands of steel. pic.twitter.com/apf1Uqdzik

— TraderHerman (@zeroindicators) May 16, 2019

With regards to Bitcoin , the same trader appears to eyeball a correction towards $6,000 in the not so distant future, only to give room for a new climb towards higher highs. 

Wave 1 appears to be completed with an overshoot target at 8780. Wave 2 should be underway. I know the consensus is that we're already in a wave 3. I respectfully disagree. $btc pic.twitter.com/XIrVM840mI

— TraderHerman (@zeroindicators) May 16, 2019

On the cryptic side of things, a crypto trading dog which goes by TheCryptoDog on Twitter and boasts more followers than all the above mentioned accounts, appears to be expecting a retracement of the currently ongoing, undefeatable-looking bull run:

Get ready to buy some of these upcoming dips...

— The Crypto Dog=� (@TheCryptoDog) May 16, 2019

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