Looking at the index for the total cryptocurrency market cap excluding Bitcoin, we can easily notice massive bullishness... We are looking at the weekly time frame here, so feel free to hit like now and allow me to entertain you for a few minutes...
Thanks a lot for the amazing support... Now, let's get started!
Below we have the long term chart, take a look at the bars at the bottom, we can see a massive increase in volume... The highest volume ever... Cryptocurrency is just getting started... This is just the beginning, you can trust on that...
Crypto Total Market Cap Exclude BTC (TOTAL2), Chart:
On the same chart above we can also notice:
TOTAL2 is now challenging EMA100 (blue line) for the first time with great strength and volume, trading above it actually. A close above this level tomorrow would send another strong bullish signal.
Easily trading above EMA10 since February 2019. Above EMA10 = bullish potential.
We even have a Cup & Handle pattern, a classic. Bullish and already playing out.
The high volume is the best signal and the only one we need right now... Looking at this chart, not even the sky is the limit... Crypto will go to higher dimensions... :D
A different view: EMA10 is the main support if TOTAL2 starts to drop. If EMA10 can be broken, this is no big deal but just a warning, EMA200, and MA200 are still there as strong support. Only if there is a full candle close below MA200, we would switch from bullish to bearish and a new analysis is needed. Everything else, we remain ultra-bullish on cryptocurrency.
Expect massive bullish action in the weeks ahead... In the next few months and for years to come! ...YEARS!
Make sure to hit like!
Thanks a lot for reading. This is Alan Masters.
Namaste.
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Entire Cryptocurrency Market Now on Bullish Alert! (You/We've been warned).
The entire cryptocurrency market is looking, feeling and being extremely bullish with much more to come.
Here is a simple but strong analysis on why the cryptocurrency market is super bullish and will continue growing.
I hope you like it and can hit like to show your support.
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Bitcoin goes for $9999, can it go higher?
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Keeping An Eye on openANX (OAXBTC), Final Consolidation Before Next Wave!
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Ripple (XRPM19) With over 100% ROE
Celer Network (CELRBTC) Resistance (Targets) and Support Levels
OkCash [OKCASH](332%) Full Trade... Keeping it simple!
Love that you're showing this volume! @D4rkEnergY was covering this a bit too and love your guys' posts. We're long right now and it might not seem right to some but this is where the retail traders sell off at resistance creating the liquidity for the big boys to go long right now so this could just keep heading up. Volume confirmation is always a good sign for bullish or bearish moves. Thanks for the update ALAN! Shalom my friend :)
Great chart and info. I do fully agree with you and here is my outview on alt season (total market) agains BTC in dominance
AlanSantana
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@anosinvest, Looks pretty good, thanks a lot for sharing.
d14b0ll0s
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isn't the volume in the market cap calculated by TView for the currently existing coins? and is it calculated in BTC vol. or USD volume, which depends on BTC pice? while I agree about the larger trend (which doesn't mean anyone should go long this week rather than see where the correction ends fist), it may be tricky to use the volume indicator on something calculated this way
AlanSantana
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@d14b0ll0s, It is the same method being used since the index was added. We are looking at trading volume and its growing massively, regardless of the method used to calculate volume.
We are taking notice of this growth as a positive development for the market. This is just one signal of course, there are many others that support this growth in volume that we are seeing.
andoverg
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@alanmasters, thank you for the analysis! Noob question. While I find the TA interesting, what I find more interesting is the volume level and it’s correlating market cap total.
Looking at the 2017 run up, the market cap was way higher on less trade volume. Moving ahead to now, the volume is way up, highest ever, but the market cap, while increasing, is no where near the 2017 levels. I take away that folks in 2017 were in and stayed in. But now, folks are trading in and out. Would this be a correct assumption and what does it mean for this market, price action and predictability when trying to compare previous market periods to today?
AlanSantana
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@andoverg, I don't think is correct. There is simply more money now in the market than there was before.