The altseason has a lot to do with ETH behavior, which means we need to see ETH pumping again. That can take BTC dominance down (since ETH has the largest marketcap among alts), which will confirm the altseason.
Let's take a look at ETH time cycles:
Each cycle has 357 days ~ one full year.
We see that each cycle starts with a low, then ETH pumps in the first half of it (usually within the first 20% of the time cycle) and after that a decline follows and results in the final low at the end of the cycle.
The current cycle ends in the beginning of December which is notable, because ETH hardfork Istanbul is scheduled to happen on Dec. 4. Pretty fascinating coincidence, isn't it? (or is it just a coincidence?)
The way we approach the cycle end is pretty interesting too and it can give us a clue of what will happen, so let's take a bit closer look at ETH/BTC chart
ETH has a very important event on Dec. 4th - ETH hardfork Istambul. This can be the catalyst for the rise that we need, because the Istanbul is the last milestone before Ethereum's final upgrade which is set to take place in 2020.
On weekly ETH/BTC chart we have a clear Resistance at 0.022, the low at 0.016 and a higher low at 0.019. All this looks like a preset for an ascending triangle, which, however, still needs confirmation. It may have a bit different shape in the end, but the horizontal resistance is the only fixed border of a potential ascending triangle and the ETH hardfork takes place right in the apex of it. The break above it could take us to EMA50 (0.027 area), which is a 23% move. It's also notable that BTC dominance is sitting on its critical support and if it breaks, this can result in a significant altcoin party.
Let us know what you think about this idea in the comments! It really needs discussion.
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
Let's take a look at ETH time cycles:
Each cycle has 357 days ~ one full year.
We see that each cycle starts with a low, then ETH pumps in the first half of it (usually within the first 20% of the time cycle) and after that a decline follows and results in the final low at the end of the cycle.
The current cycle ends in the beginning of December which is notable, because ETH hardfork Istanbul is scheduled to happen on Dec. 4. Pretty fascinating coincidence, isn't it? (or is it just a coincidence?)
The way we approach the cycle end is pretty interesting too and it can give us a clue of what will happen, so let's take a bit closer look at ETH/BTC chart
On weekly ETH/BTC chart we have a clear Resistance at 0.022, the low at 0.016 and a higher low at 0.019. All this looks like a preset for an ascending triangle, which, however, still needs confirmation. It may have a bit different shape in the end, but the horizontal resistance is the only fixed border of a potential ascending triangle and the ETH hardfork takes place right in the apex of it. The break above it could take us to EMA50 (0.027 area), which is a 23% move. It's also notable that BTC dominance is sitting on its critical support and if it breaks, this can result in a significant altcoin party.
Let us know what you think about this idea in the comments! It really needs discussion.
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
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