In case you are not familiar:
TOTAL3 = Total crypto market cap - BTC and ETH market caps.
What I did in this chart is further subtract out the three major stable coin market caps.
TOTAL3 - (DAI USDT USDC market caps).
To be exact:
CRYPTOCAP:TOTAL3-CRYPTOCAP:DAI-CRYPTOCAP:USDT-CRYPTOCAP:USDC
Since their price is pegged to $1, they serve as a dampening effect to the chart. I remove them to get more of a true value for what TOTAL3 should be.
I then did an Elliott wave analysis. In addition, I set a fibonacci target of -0.236, although this is not a traded asset, but a aggregation of traded assets. So we'll see. It looks like alts will do one more wave down, then the bull run starts.
I am a CEWA level 1 Elliottician.
TOTAL3 = Total crypto market cap - BTC and ETH market caps.
What I did in this chart is further subtract out the three major stable coin market caps.
TOTAL3 - (DAI USDT USDC market caps).
To be exact:
CRYPTOCAP:TOTAL3-CRYPTOCAP:DAI-CRYPTOCAP:USDT-CRYPTOCAP:USDC
Since their price is pegged to $1, they serve as a dampening effect to the chart. I remove them to get more of a true value for what TOTAL3 should be.
I then did an Elliott wave analysis. In addition, I set a fibonacci target of -0.236, although this is not a traded asset, but a aggregation of traded assets. So we'll see. It looks like alts will do one more wave down, then the bull run starts.
I am a CEWA level 1 Elliottician.
Comment:
If the chart goes below the invalidation line, then this chart will be toast.