To everyone calling #altseason, yes imo alts look bullish short term, however I don't see this rally lasting long. This market structure looks exactly like end of Oct/early Nov. (pre 6k dump) & w/ $BTC still only at 52% dominance I see some more sweeping to be done on alts. No entries or exits as this is just overall market cap. Cheers, @CryptoBarTalk
Inverse H&S 1- Falling wedge alts market cap also Inverse H&S 2- $BTC dominance rejected from resistance and going for possible support. If $BTC dominance not break channel And also every altscoins Double bottom position Eve Adam bottom pop-up Already some alts mooned from double bottom.
Based on trendlines over 1 year, it appears we are running down to the end of the bullish falling wedge. Only one month remains before potential breakout for an altcoin run.
Altcoin total marketcap illustrates we could potentially be very close to bottoming based on: wave count falling wedge pattern bitcoin dominance shifting after months of favoring BTC (13 count backtest reached on TD sequential) Always the possibility that this wave count is incorrect and that we fall even further but something to watch...
I have been expecting to see that $2k - $1500 BTC but I am starting to re-think that potential outcome. Corrective waves and a fairly clear bullish falling wedge that could indicate we could be near a potential bottom relative to total marketcap. - volume starting to show up at end of triangle - corrective wave could be complete - still room to the downside...
The total market cap is back to the trend. If it hold is good. If it hold not is really not good. see the related idea on bitcoin for a more complete explanation of what is happening now BIO
See charts of Total Market Cap below!! I don't believe in how most people are using individual coins when trying to determine when the market is going to reverse!! Yes, you can use them to trade during bear or bull trends but when looking for when the market is going to reverse you need to look at the total market. This is speculative market we are trading in!!
Total Market Capitalization shows H&S formation for the whole crypto market: drive.google.com If this formation will be in play, drop down to 300-350bln$ may happen (to fulfill that formation BTCUSD needs to dump to around 8000$) In case of BTCUSD we have now probably bulltrap. Daily volumes are significantly lower when the price is nearing the red dotted...