This time around I'll be mostly focusing on Ethereum as a representative for altcoins in general.
After we avoided the brutal drop things were looking good for a moment.
$ETH tested support and bounced back strongly.
This was my trigger to entry and indeed we saw further upside.
Next $ETH tested resistance and could not break through it. This was not surprising since we had seen a 20% bounce from the lows by then.
Subsequently Ethereum did not manage to hold a crucial area confirming general weakness.
This was my trigger to exit again.
This is also the reason why I won't be allocating as long as we stay in this area.
Price action is weak and in my opinion any buy would simply be based on hopium especially as long as we are trading below every 4 hour EMA.
As usual these are only my thoughts and should not be considered investment advise.