Has Altcoin Season Started? [CRYPTO]
In front of us we have the total marketcap of every cryptocurrency excluding Bitcoin and Ethereum.
This chart is very interesting in the fact that both Bitcoin and Ethereum the past 2 weeks have already done what the altcoin marketcap on this chart is attempting to do currently, and that is hold above its key .236 fibonacci level.
I have posted ideas on both BTC and ETH recently in regard to this event and on both charts one can see that when both of them held above their .236 levels, the price exploded to the upside to the next fib level at the .382 before finding a pullback.
This chart, as we can see, is just now finding support at EXACTLY its .236 Fibonacci level. Which means this chart probably holds the key to many of the altcoins breaking their seals due to the fact that as of recently they have not quite kept up with the 2 dominant cryptos in Ethereum and Bitcoin. But as we see that could all be changing soon.
One other thing to note is that the total crypto marketcap excluding BTC and ETH appears to be forming some sort of ABC cypher pattern. The inputs are off but I simply put it on the chart as an idea to keep in mind. If someone proficient in harmonic patterns want to comment and critique this feel free as long as the feedback is constructive.
In conclusion, it may be jumping the gun just a little bit, but if BTC and ETH are any indications, this chart along with the entire altcoin market, appears to be destined for greatness in the near future.
This chart is very interesting in the fact that both Bitcoin and Ethereum the past 2 weeks have already done what the altcoin marketcap on this chart is attempting to do currently, and that is hold above its key .236 fibonacci level.
I have posted ideas on both BTC and ETH recently in regard to this event and on both charts one can see that when both of them held above their .236 levels, the price exploded to the upside to the next fib level at the .382 before finding a pullback.
This chart, as we can see, is just now finding support at EXACTLY its .236 Fibonacci level. Which means this chart probably holds the key to many of the altcoins breaking their seals due to the fact that as of recently they have not quite kept up with the 2 dominant cryptos in Ethereum and Bitcoin. But as we see that could all be changing soon.
One other thing to note is that the total crypto marketcap excluding BTC and ETH appears to be forming some sort of ABC cypher pattern. The inputs are off but I simply put it on the chart as an idea to keep in mind. If someone proficient in harmonic patterns want to comment and critique this feel free as long as the feedback is constructive.
In conclusion, it may be jumping the gun just a little bit, but if BTC and ETH are any indications, this chart along with the entire altcoin market, appears to be destined for greatness in the near future.
