I will keep things very simple this time in my attempt to determine if we have started a new Bulls Cycle on the Alt Coins.
On this chart I compare Bitcoin to Alts Dominance.
It seems quite obvious to me that when a certain patterns form both on BTC and ALTS at the same time, a new Alt Season starts. What are those? For Bitcoin you may treat the formation as a Triangle. For the Alts a Cup or Inverse H&S, whatever suits your eye better. The point is that when those take place at the same time, the Alt market booms (exception maybe the April 2015 minor rise).
As for the current candle action more particularly, we see that the alt dominance has already broken above its 3 month Resistance and is outside the Cup. If the 2015 - 2016 pattern replicates itself then I am expecting Alt Dominance to reach the late March/ early April 2019 levels at least before a new pull back.
Would you consider those patterns as viable indicators of an Alt Season? Let me know in the comments section!
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How many times you butt-coiners gonna keep calling 'new bull cycle'? Or BTC next 1 yr forecast @50k? you lot kill me, I get such a kick out of reading this stupid shit, it makes me far more confident that it ain't gonna go anywhere. You guys really need to face facts, you got pumped & then you got dumped. Your entire market is controlled by big fat whales, that will continue to create FOMO rallies to sell into to keep the dream of another potential bubble gain alive, which is why most of you buy into this stuff because you figure it hit 20k once surely it has to again right?
RauceKnows
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@LFBZ, In Between every bull market there is, Accumulation, Expansion, and Re-accumulation, we are currently at phase 3... see u at 60k boomer.
TradingShot
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@RauceKnows, Couldn't have said it better myself. I am replying to you Rauce because the other comment isn't worth replying (positively or negatively) at all. Only to be ignored.
kardia
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@TradingShot, but what if the crypto market's demise is true? It's certainly not looking good, and history does not have to repeat itself.
TradingShot
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@kardia, I am not arguing whether it is true or not. I am arguing about that "user's" inappropriate language. For example me and you have had opposing views in the past but always engaged each other in a constructive dialogue. See how this "user" approaches our comments section.
LFBZ
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@TradingShot, the fact you get upset at an opposing view means you are emotionally 100% involved in a trade, awful place to be. Godspeed.
TradingShot
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@LFBZ, I am not upset at an opposing view. If you check my comments you'll realize that I am actually encouraging opposing views more. What I am upset about is the foul language you use. This has no place in TradingView's community. And this is why I choose to ignore you.
@RauceKnows, when it comes to trading wishfull thinking should be removed from your mind, only a total sucker sits and hopes.
kardia
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@LFBZ, the only thing wrong about being hopeful is having unrealistic expectations. It is impossible to remove all emotions from trading. Everyone hopes to win. Show me someone who says he or she doesn't hope to win and I will show you a liar.