This Formation Finalizing Can Be 2021s Altcoin-Season-Origin!
Welcome to this analysis where we are looking at the coin-market-capitalization of the altcoin-market-cap and its 2-day timeframe perspective, as mentioned in the previous analysis the altcoin-market price-action is holding above this important ascending-trend-line where it is building the coherent triangular-formation together with the upper-resistance and so far the price action has moved as expected and the altcoin-market-cap has formed the coherent wave-count within the triangular-formation. When you did not see this analysis already I highly recommend it to you to watch to have a full-depth-overview, now as these important measurements have taken place there are now fewer confirmations to show up with however it is inevitably important that this price-action really show up to confirm the whole dynamic finally and to do not invalidate it, therefore I detected all the important levels and likely outcomes we should consider within the established structure and it's next destinations.
Looking at my chart you can watch there the altcoin-market already shooted above the upper boundary with the wave D of the wave-count which often happens when the wave-count is especially the difference to a full confirmation here is that the price action and the candle still closed within the triangle this is why it is not a full confirmation, to fully validate it is important that the altcoin-market closes above the upper boundary as it is marked in my chart after completing the wave E of the wave-count. In this case it is significantly necessary that the market-cap does not fall below the ascending-trend-line again because this can invalidate also the triangular-formation and the broker breakout as well as confirmation however this is currently not the most likely scenario as the price-action still holding above the ascending-trend-line and above the 50-EMA in red as the range getting narrower and narrower this is an indication for a final breakout and close above coming nearer.
The fact that the altcoin-market-cap is holding strongly above the established pre-corona-highs gives the whole structure a higher edge and especially when looking on the long-term-perspective considering a possible rally emerging in 2021 a decrease in corona which is also prognosticated within the summer time can lead to a positive reaction and environment within the market, till then the market especially the altcoin-market-cap has to show how it can establish the pace till then to finally emerge into a solid rally which is protracted together with the Bitcoin possibilities for bullishness, what is also confirming this dynamic is that there are many upcoming projects such as defi or ethereum 2.0 that are lying ground for a solid market environment also on the fundamental perspective. Next times will show how the technicals confirm within the established structure leading to a final breakout as suggested, it will be definitely an interesting journey.
In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
“Prospect is the ingredient of good fortune.”
Information provided is only educational and should not be used to take action in the market.
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2011 - 2016 Bitcoin growth season altcoins almost unknown
2016 - 2017 ICO Altcoin season/Altcoins emerging season
2017 - 2018 IEO Altcoin season
2019 Staking altcoin season/Staking emerging as a must for altcoins
2020 DeFi altcoin season/Staking and loans based on BTC/Alcoins