Alts reach critical 0.786 Fibonacci threshold first

The Crypto Total Market Cap Excluding BTC is nudging on the 0.786 Fibonacci retracement level if we assume that the base is located on the same level as 4 February, when the crypto total market cap including BTC reached the $1T threshold. This would seem a logical value to retest, and aligns on the BTC chart with $37k.

As BTC edges towards its own 0.786 level retracement, and while the alt coin market closely mirrors BTC price action, perhaps this puts in question whether:

a) The $1T threshold will be revisited at all (i.e., if BTC creeps up, one would imagine that the Total Market Cap Excluding BTC would pass the 0.786 retracement level, if 4 February is indeed the base);
b) The base of BTC's retracement is $37k.

It also adds more possible credence to the outlook that the BTC retracement is over, and that once $54k is broken, it's onward to retest the previous ATH and surpass it.

The charts don't say that to me. Nonetheless, it's interesting that the Total Market Cap Excluding BTC is already there, even with BTC having some way yet to go.

Comment:

The key part missing here (and the most relevant factor, indeed) is BTC dominance on both 4 February and 20/21 February. If anyone knows how this could be factored in, it might change where the base of the Fibonacci retracement comes in. But even if you only use the base of the downside impulse, alts are far closer to the ceiling than BTC is. This suggests that alts and BTC cannot reach the 0.768 at the same time.