Study of altcoin market cap. This metric excludes BTC. Already have a daily cross on the 50 SMA over the 100 and 200. Expecting the 100 to cross the 200 SMA toward the end of the month and the crossover will be complete for positive proof of upside PA and buying pressure in alts. A HL close will confirm at crossover.
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Forgot to mention, 12.0 is the magic level for super hyper alt season. We are so close...
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A look at the WTF. If this plays out, it will be epic.
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History in the making. Forming this beautiful inverted head and shoulders on the MONTHLY! 12.18 breaks the neckline. Before anyone asks, the L shoulder closed at 4.69, head closed at 4.62. That makes it a technical H&S formation. By a whisker but it is. Not more than a week or two to confirm the pattern with neckline break.
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BTC.D isn't having the best day either. So what's going on? Where are the traders going...
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Is this our answer? Looks like traders are favoring the other 9 large cap alt coins. By some metrics, there seems to be an uptick in USDT sentiment especially. So while we may still technically have an alt season, for the time being it's centered around the large caps. I suspect the recent news of Grayscale and other institutions having an appetite for the large cap alts may have something to do with that. Grayscale alone purchased 80% of the total LTC mined in one day along with 35M XLM. Follow the money...
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Rounded or saucer bottoms are best used on WTF but look at this PERFECT bottom. Keep in mind it's on 1 HTF but beautiful! 4 HTF looking good too so far... LSMA is turning positive and expecting SMA's to follow suit.
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Alts are in a much stronger position than many believe. Taking a macro view of BTC .D and Alts reveals BTC .D struggling to rise above the midline in a progressively tightening range while Alts enjoy being at the top of the range waiting for a breakout. BTC is being met with resistance, both from the midline but especially at the 64.25 level where the VPVR sits. BTC .D hasn't broken above it's upper boundary since JUJY 13, 2017!!! Alts are getting ready to do just that being way above support from the VPVR sitting at 6.67 and other levels. Expecting a nice breakout above the upper (and last) resistance line at 12.07 and continuing on to the ATH resistance at 12.58, confirming the inverse H&S pattern it's started on the WTF along the way with a right shoulder candle close above 12.18 to break neckline. That is an impressive 'V' shaped pattern showing a great deal of strength. It's only a matter of time until Alt season is in full swing and as strong as it will be I have no doubt we'll see many coins with 1000% or more gains. Enjoy it while it lasts. We are rapidly heading into uncharted territory, exciting times ahead!!! Alts ATH awaits!
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Just a quick update... THIS!!!!!!