Total Market Caps Still in Uptrend
There has been a period of consolidation over the last few weeks with no major moves yet. Alts have started moving up, but still seeing a lot of bearish opinions and uncertainty.
The top panel you will observe the Total MC for cryptos. It's currently in a symmetrical triangle.
The bottom panel is all Altcoins, which is in an ascending triangle.
I'm expecting a break one way or the other in about 36-48 hours from now. The probable direction is up for many reasons.
1. We are still in an uptrend.
2. Bitcoin is still above $30K and the Alts are consolidating after decent moves up.
3. Institutional interest is still there; evidenced by Marathon's big buy.
4. The dollar is currently still weak and can't get above the 50D EMA.
5. Lots of bearish thinking.
I think we go up to the targets with the green dotted lines, followed by a decent correction back down to test present levels, followed by the Altseason everyone's been waiting for. This move will likely take the market cap for Alts to $720-$750B
It goes without saying that a breakdown from these levels will likely end our present uptrend, but that possibility is minimal imo.
Remember this is only my formed analysis outlook. This is not an endorsement or recommendation to buy or sell.
The top panel you will observe the Total MC for cryptos. It's currently in a symmetrical triangle.
The bottom panel is all Altcoins, which is in an ascending triangle.
I'm expecting a break one way or the other in about 36-48 hours from now. The probable direction is up for many reasons.
1. We are still in an uptrend.
2. Bitcoin is still above $30K and the Alts are consolidating after decent moves up.
3. Institutional interest is still there; evidenced by Marathon's big buy.
4. The dollar is currently still weak and can't get above the 50D EMA.
5. Lots of bearish thinking.
I think we go up to the targets with the green dotted lines, followed by a decent correction back down to test present levels, followed by the Altseason everyone's been waiting for. This move will likely take the market cap for Alts to $720-$750B
It goes without saying that a breakdown from these levels will likely end our present uptrend, but that possibility is minimal imo.
Remember this is only my formed analysis outlook. This is not an endorsement or recommendation to buy or sell.
Comment:
The triangles broke to the downside and BTC has closed below resistance. Therefore most Alts will correct down to their 200 Day EMA's. It's not about being right, but waiting for market clarity and that just happened.
Could be about to witness a massive cup and handle taking us north of $725B over the coming 4-6 weeks.