The altcoin market is one of the markets that deserves our attention as we close 2023 and start the new year. We have been mentioning that on numerous analyses but the current idea couldn't display it in a simpler, yet more informative way.
As you see this is the total market cap excluding Bitcoin (TOTAL2) on the 1M time-frame. The 1M MA5 (blue trend-line) is about to cross above the 1M MA20 (green trend-line) and form the first such Bullish Cross pattern since April 2020. The only time besides this one that we had such pattern formed was on February 2016. What followed after both sequences was insane parabolic rallies, what is known in the market as 'altseason'. The 1M RSI patterns of the current and the previous Cycle are identical, starting with Lower Highs and now pointing to the exact symmetrical level of April 2020 as the RSI is taking off.
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