Altcoin Market - Momentum Signaling Bulls Regaining Control
Analysis: From left to right (time frame is 2 week interval, except for the 4th pane, which is a monthly chart)
ADX/ DMI: the downtrend appears to have lost most of it's momentum, and the trend has just crossed bullish, this will need several candle closes to confirm but a bullish cross and washed off negative trend strength is a positive sign
MACD: the MACD is clearly about to perform a bullish cross, and is displaying an oversold condition.
RSI: the RSI is currently in bearish territory, however it is also above the low in Jan 2019, this coupled with the higher prices is just confirming congruence between price and the RSI, therefore there is no bearish or bullish divergence, it is merely congruent.
Price Compression: the purple bollinger bands are within the yellow Keltner channels, this is a strong indicator of price compression, it is worth noting that the last time the entire altcoin market displayed this pattern was in 2016, prior to the monster altcoin bull run of 2017.
All of these momentum and trend indicators, coupled with the clear bull pennant in the altcoin market is lending itself towards a strong bullish argument for the next 12-18 months, should this pennant fire long, this has nothing to say about the Halvening and the impact that this will have on the overall market.
Overall, the altcoin market is clearly at a pivotal moment and the bulls appear to be attempting to assert their control.
ADX/ DMI: the downtrend appears to have lost most of it's momentum, and the trend has just crossed bullish, this will need several candle closes to confirm but a bullish cross and washed off negative trend strength is a positive sign
MACD: the MACD is clearly about to perform a bullish cross, and is displaying an oversold condition.
RSI: the RSI is currently in bearish territory, however it is also above the low in Jan 2019, this coupled with the higher prices is just confirming congruence between price and the RSI, therefore there is no bearish or bullish divergence, it is merely congruent.
Price Compression: the purple bollinger bands are within the yellow Keltner channels, this is a strong indicator of price compression, it is worth noting that the last time the entire altcoin market displayed this pattern was in 2016, prior to the monster altcoin bull run of 2017.
All of these momentum and trend indicators, coupled with the clear bull pennant in the altcoin market is lending itself towards a strong bullish argument for the next 12-18 months, should this pennant fire long, this has nothing to say about the Halvening and the impact that this will have on the overall market.
Overall, the altcoin market is clearly at a pivotal moment and the bulls appear to be attempting to assert their control.
