CRYPTOCAP:TOTAL2 Crypto Total Market Cap Excluding BTC, $
I would like to update my previous analysis for alcoins. This new one give similar outcomes: altcoins are still bleeding and will do more. The reason is shown in chart: a H&S pattern was formed. The break-down of the neckline will trigger the way down to the support trendline of the descending channel.
The only adjustment (wrt to the original one) is the new timeline where I expect a buy zone at the end of this year 2023 until the BTC's halving (end of April 2024). Certainly, this timeline is average estimation for all altcoins and it may change depending on each altcoin.
What do you think about this analysis and what is your view on altcoins, in general and on a specific altcoin in particular?
The neckline support still holds however values of Total2 could not bounce and go up easily because of the strong resistance EMA50D.