A prominent crypto analyst provides an update on the altcoin market and its positions in many top altcoins.
The pseudonymous analyst, who goes by the DonAlt name, tells his 166,000 followers on Twitter that he recently quit an XRP leveraged position.
He says he is pleased with the gains and cautious of future changes in Germany’s derivatives laws.
In the short term, he says that the digital asset needs to stay above the support region of $0.47 to $0.52 to prevent a much larger change to the downside.
“Given this was a play on leverage which I’ll have to close pre end of year anyway (thanks Germany), I closed the trade for a good 25% swing. It’s been nice XRP family. I’ll definitely come back. If I’d be able to hold into the new year, I might’ve even kept it.”
DonAlt says Chainlink recently looked as though it was starting to show power, but selling signals started to show again.
He said that since he closed his short Connection, a lot has happened. Price went a little up, but frankly, it’s been pretty darn poor compared to BTC. He is starting again to get selling signals on it, also on the USD pair. For now, he’s done selling it, but it’s one he doesn’t like much.
He recently took a small position in Litecoin, the trader also notes, bluntly warning fellow traders not to copy his moves. In the next Alt Season, he calls LTC his coin of choice and expects it to do well once Bitcoin finally finds a peak.
He wanted to have some exposure if altcoins started doing well. My coin of choice is LTC. The Altcoin pain does not cease until BTC has finally exceeded if history repeats itself (besides a few outliers).