What you're looking at is Total Market Cap of Altcoins / Price of BTC = Total Market Cap of Altcoins in BTC terms.
The price has tested and bounced off the 100 day EMA, and is now looking to break the 200 day EMA. Although MACD is starting to curve, it is still considered bullish above the zero line, at least until it crosses. The volume flow indicator is also curving upward, indicating that Bitcoins are being traded for Altcoins.
Other than this, there is a general sense of cautious euphoria building in the altcoin market, with some coins like Chainlink breaking their own 200 Day EMA. The one thing that could prevent the market cap from breaking this EMA is if BTC decides to pump again, in which case we might see a retrace in the altcoin market cap in BTC. But otherwise, chances are that the EMA will be claimed, and that will be a very bullish sign for Altcoins.
I'd love to hear your thoughts and feedback, so don't be shy to comment below.
Disclaimer
No Investment Advice Provided
Any opinions, chats, messages, news, research, analyses, prices, or other information contained in this Post/Idea or in connection with it are provided as general market information for educational and entertainment purposes only, and do not constitute investment advice. This Post/Idea should not be relied upon as a substitute for extensive independent market research before making your actual trading decisions. Opinions, market data, recommendations or any other content is subject to change at any time without notice. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
I do not recommend the use of technical analysis as a sole means of trading decisions. I do not recommend making hurried trading decisions. You should always understand that PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
The price has tested and bounced off the 100 day EMA, and is now looking to break the 200 day EMA. Although MACD is starting to curve, it is still considered bullish above the zero line, at least until it crosses. The volume flow indicator is also curving upward, indicating that Bitcoins are being traded for Altcoins.
Other than this, there is a general sense of cautious euphoria building in the altcoin market, with some coins like Chainlink breaking their own 200 Day EMA. The one thing that could prevent the market cap from breaking this EMA is if BTC decides to pump again, in which case we might see a retrace in the altcoin market cap in BTC. But otherwise, chances are that the EMA will be claimed, and that will be a very bullish sign for Altcoins.
I'd love to hear your thoughts and feedback, so don't be shy to comment below.
Disclaimer
No Investment Advice Provided
Any opinions, chats, messages, news, research, analyses, prices, or other information contained in this Post/Idea or in connection with it are provided as general market information for educational and entertainment purposes only, and do not constitute investment advice. This Post/Idea should not be relied upon as a substitute for extensive independent market research before making your actual trading decisions. Opinions, market data, recommendations or any other content is subject to change at any time without notice. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
I do not recommend the use of technical analysis as a sole means of trading decisions. I do not recommend making hurried trading decisions. You should always understand that PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.