Pseudonymous Cryptocurrency Trader Smileycapital Gives a Comprehensive Outlook on the Current Crypto Market

Pseudonymous cryptocurrency trader smileycapital provided a comprehensive outlook on the current crypto market, focusing on the bottoming process of altcoins

Pseudonymous cryptocurrency trader smileycapital offered a comprehensive outlook on the current crypto market, focusing on the bottoming process of altcoins, the future of Ethereum (CRYPTO: ETH) and the range-bound nature of Bitcoin (CRYPTO: BTC).

Smileycapital believes that altcoins are in a high time frame (HTF) bottoming process.

"Sellers’ momentum is weaker as weeks go by," he remarked, predicting that this trend will continue into Q3, with altcoins starting to uptrend around September.

According to him, altcoin to Bitcoin ratios are also low, indicating that altcoin prices in USD shouldn’t fall much further. He advises looking for HTF formations, particularly 3-4 taps on daily and weekly charts, as some altcoins might start to outpace major coins, hinting at market shifts.

Also Read: Top Trader Went All-In On Altcoins Only To See Them Crash: ‘This Is The Time That You’d Want To Risk More’

Active Traders Vs Passive Investors In Current Market

Smileycapital advises that until market conditions shift swinging all positions long is not advisable. He stated, "Take profit. Good short? Take profit. Good long? Take profit."

For the passive investors, he suggested optimism is key and recommends not over-rotating investments. "Think alts at these levels are very attractive for long-term holds," he notes, suggesting a gradual dollar-cost-averaging (DCA) strategy.

Smileycapital's nuanced crypto market view suggests active traders should focus on profit-taking and adaptive strategies. Meanwhile, passive investors should maintain their conviction and consider long-term positioning in undervalued altcoins.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.

News source：https://www.kdj.com/cryptocurrencies-news/articles/pseudonymous-cryptocurrency-trader-smileycapital-comprehensive-outlook-current-crypto-market.html

The above is the detailed content of Pseudonymous Cryptocurrency Trader Smileycapital Gives a Comprehensive Outlook on the Current Crypto Market. For more information, please follow other related articles on the PHP Chinese website!