Altcoin Market Ready To Explode?
Altcoin Market Cap - Looking at the Altcoin Mcap, this to me suggests we see a nice alt run soon. Which, when looking at the Bitcoin dominance chart, would coincide with a rejection from the Bitcoin Dominance yearly pivot in the chart posted below. A break of this potential symmetrical triangle pattern could push the alt market towards the R3 pivot at $176Billion or as far as the range high at $250Billion, which would be a 20% - 60% increase in the altcoin market cap.
The fact that the altcoin market has been holding the 21 Weekly EMA, just like the traditional Bitcoin price has done, tells me we see a strong push up soon IMO.
The fact that the altcoin market has been holding the 21 Weekly EMA, just like the traditional Bitcoin price has done, tells me we see a strong push up soon IMO.
Comment:
So far things are looking good, making a move toward the $250-Billion target.
Comment:
Looks like BTC Dominance hit the resistance on the nose and pulled back. Overall this is a bullish pattern, but that is not a guarantee we'll see dominance rise again in the future as the pattern would suggest. We'll have to see how it interacts with the 60% support level.