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

16 May, 2019
by Alberto Arnaldo
Trading
Could we be in for a correction or is THIS alt season? Traders speaking out

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.

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:

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. 

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:

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:

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. 

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:

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