Michael van de Poppe, a well-known trader, and analyst have provided an update on his swing trade altcoin portfolio in a recent video. With the portfolio currently down 16%, he is developing new strategies to counter the current market conditions.
The Current Status of the Altcoin Portfolio
Michael van de Poppe began the video by explaining that the altcoin portfolio he started with $1,000 a few weeks ago is currently underwater. The portfolio includes investments in Chainlink, CRV, Atom, Axie Infinity, and Lux. However, he remains optimistic about the future, stating that he is holding the portfolio for several months.
He notes that Chainlink is consolidating within a range and is waiting for it to start trending up before adjusting its strategy. Meanwhile, Lux is the only asset down significantly, and he may swap it with Chainlink to grant additional opportunities. However, as LINK is consolidating around the area that he used to buy the positions, he is just holding on and waiting for the market to turn.
Analyzing the Market Conditions
Michael van de Poppe believes that the markets may go down further as they establish a potential bottoming structure. He observes that most of the altcoins are currently on the edge of holding support, and he will only adjust his strategy once they break through resistance levels. He also notes that all the positions are currently in a bottoming procedure, with the potential for a sweep of the lows.
Developing a New Strategy
Despite the current situation, Michael van de Poppe is working on new strategies to improve the portfolio’s performance. He plans to provide a full strategy in the next update after his holiday. He aims to give his followers a portfolio that makes the most sense to follow and will continue providing all the necessary information.
