When Altseason? Clues in other chart Ex) #1

Jul 23

Hi guys.

So Its no secret bitcoin has been ripping.

We are at new all time highs, and in full on price discovery mode.

I recently posted an ongoing macro analysis on ADA (Cardano) supporting my theory that it is one of the better alts to be investing in for alt explosion.

I want to look elsewhere to see if i can find supporting evidence that its time to invest or trade altcoins.

One chart that can be used is the Total Market Cap of Crypto excluding Bitcoin.

This chart showcases total altcoin market capitalization and its movements.

I believe certain Technical developments can really help us gauge at whats to come.

NOte this is on the 1 Month timeframe aka looking into Macro developments.

Just focusing on Candlestick action.

Notice we have been in this ascending channel trend, along with a potential Ascending triangle pattern development which if breakout occurs with confirmation can push Altcoin market cap higher indicating that liquidity is entering altcoins which indicates potential Uptrend.
The month of July so far is in position to print a massive engulfing Bullish candle, which is a great sign.

The upper part is also peaking its head above the Horizontal resistance line. Need to observe confirmation of this breakout. Look for it in smaller timeframes, ill look for it in the 3 day or 5 day.

We are also in position to print a higher high first time in a while.

Notice also Volume. We are seeing currently similar increasing volume as previous alt coin market cap expansion.

Keep an eye out on more posts to add to evidence that supports we are in the verge of potential altcoin season.

Aug 10

Trade active

On the Weekly timeframe:

Getting close to this weeks candle close. Things are looking promising.

Breakout above the Ascending triangle is imminent.

NOTE however that is by no means a sure fire trigger to take this ascending triangle trade. Remember confirmation is key.

Next couple weekly candles extremely important. Look for strong bullish candles or candle patterns.

Volume is picking up.

MACD showing increase in bullish momentum.

If this is infact is an ascending triangle breakout on this macro level. This Altseason can potentially see at the very least 500 billion to couple trillion influx into alt market cap. Owing to idea that many coins will see new all time highs.
Which is just me speculating.