- Trader Crypto Bullet compares $ADA and $KSM for crucial market insights.
- Emphasis on Significant Higher High as a pivotal buying indicator.
- He advises cautious entry as $KSM shows transformative signs.
In a recent update, renowned crypto trader Crypto Bullet delves into the altcoin market. Specifically, he charts two popular altcoins, ADA (Cardano) and KSM (Kusama), to provide key insights. The trader identifies a compelling ‘Double Bottom’ structure reminiscent of previous cycles, particularly in ADA’s 2017-2020 and KSM’s 2021-2024 trends.
Drawing parallels, Crypto Bullet notes that both charts exhibit a similar accumulation pattern, with the first bottom aligning with Bitcoin’s bottom and the second bottom slightly lower while Bitcoin maintains a higher position. The trader emphasizes that these phases represent an extended horizontal accumulation.
Addressing the pivotal question of when to buy, Crypto Bullet suggests that Bottom 1 is a favorable buy zone, particularly for Bitcoin. However, the perfect buying opportunity arises during Bottom 2, marked by a structural change indicating the first Significant Higher High.
The trader advises against buying at the peak of the Significant Higher High, proposing a patient approach and waiting for a pullback, often found at the 0.618 Fib level. Examining historical data, Crypto Bullet points to ADA taking 934 days from the Bull Market Top to the Structure change, while KSM took 952 days, illustrating the consistency of these cycles.
As of the latest observations, KSM has achieved its first Significant Higher High since May 2021, prompting Crypto Bullet to encourage a reconsideration of bearish sentiments. Notably, KSM has already retraced to the 0.618 Fib level, mirroring ADA’s behavior in 2020.
Crypto Bullet concludes by presenting a favorable opportunity for those on the sidelines to start scaling in, urging a cautious and non-greedy approach in this potentially transformative period for altcoins. Responses to the post show high recognition and appreciation from the crypto community.
Disclaimer: The message of making a profit in this article simply reflects the view of one analyst and does not guarantee a profit. Traders are advised to always do their own research before committing to making any financial trades. This article reflects the interpretation of the writer based on the source material of the story and does not reflect the views of CryptoNewsLand (CNL).
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- Source: https://cryptonewsland.com/renowned-trader-analyzes-altcoin-cycles-ada-and-ksm-shine-bullish/
