Altcoins to outperform Bitcoin in the next rally.
Pretty simple chart here.
The altcoin marketcap has seen a nice rally upwards with Bitcoin through the second quarter of 2019, however couldn’t really outperform Bitcoin (aside from BNB and LINK).
This is identical to the first stages of the last bullcycle. Through the mid part of 2015 the altcoin market cap also had a first push upwards, basically through Bitcoin making its first parabolic move.
After that a retest and HL formation was confirmed, which basically started the first altcoin ‘season’ upwards (hand in hand with the confirmation of the 21 Weekly EMA on Bitcoin).
The current 21 Weekly EMA is at $9,200 area, which is the support of the descending triangle. Getting that as support would be confirmation for the bullish market for the coming years (and as we all know, Bitcoin is very bullish macro perspective).
So, Holding this 64-66 billion as support and we’re upwards targeting the 125 billion and possibly 250 billion area.
Also nice to see that this area was the support back in 2018 already.
Breaking below and we’re looking for a potential support area of 40 billion again.
The altcoin marketcap has seen a nice rally upwards with Bitcoin through the second quarter of 2019, however couldn’t really outperform Bitcoin (aside from BNB and LINK).
This is identical to the first stages of the last bullcycle. Through the mid part of 2015 the altcoin market cap also had a first push upwards, basically through Bitcoin making its first parabolic move.
After that a retest and HL formation was confirmed, which basically started the first altcoin ‘season’ upwards (hand in hand with the confirmation of the 21 Weekly EMA on Bitcoin).
The current 21 Weekly EMA is at $9,200 area, which is the support of the descending triangle. Getting that as support would be confirmation for the bullish market for the coming years (and as we all know, Bitcoin is very bullish macro perspective).
So, Holding this 64-66 billion as support and we’re upwards targeting the 125 billion and possibly 250 billion area.
Also nice to see that this area was the support back in 2018 already.
Breaking below and we’re looking for a potential support area of 40 billion again.