The AltCoin market capitalization has come very close to a daily candle-body close just shy of what would be a double top formation. The market has found support at the bottom of this channel, which would suggest another test upwards is developing.
To everyone calling #altseason, yes imo alts look bullish short term, however I don't see this rally lasting long.
This market structure looks exactly like end of Oct/early Nov. (pre 6k dump) & w/ $BTC still only at 52% dominance I see some more sweeping to be done on alts.
No entries or exits as this is just overall market cap.
After testing the 1-Week EMA support level, the AltCoin Market Cap seems poised to further back-test to the 2-Week EMA--a level the bulls must hold in order to keep confidence in the upward trend.
Both stochastic oscillators are exhibiting bullish divergence patterns that have room to complete.
The AltCoin Market Cap has broken through strong exponential resistance levels that have held since January 10th on the daily time frame. After retesting the 12- and 26-day EMAs (which have also now crossed), the daily candle closed back above the relative average of the bull flag formation (the 48-day EMA).
If the price action moves into the next channel,...
Altcoin Market Cap overdue for a break of the 12 week EMA resistance. A break of this EMA would likely lead to a rejection off of the 26-week instead. This bulltrap would be in line with the historical market cycle of executing a bull trap before eventual capitulation.
I don't like complicated Elliot Waves, it can get confusing. But I love them for simple ABCD targets. If we can hold this level I think we go back up to the target I put, it also lines up perfectly with where the market broke down so that lines up pretty amazing, seeing the market likes to re-test breakdowns. Looks bearish now, but I could see us attacking...
Chart 1W marketcap altcoin cryptocurrency
9 Januari 2019
- Total marketcap altcoin on this day about 60.9B USD (about 48.2% Total marketcap cryptocurrency)
- Forming falling wedge pattern
- Breaking channel falling wedge
- RSI in oversold area
- Bullish exaggerated divergernce according to RSI
ALT SEASON COMING?
So, unlike previous pumps, this ride from the 3000 to 4100 was fraught with indecision as indicated on the daily and 4H. We are specifically looking at the shape and oscillating nature on the way up which indicates the bear market is in full effect during this bull run.
Look to enter BTC sub $2800 and LTC sub $20.
Looking at value poc and april highs/lows on both of these charts. Targeting 1.5-3x ex-btc marketcap with slight pullback in btcdominance, such that 1.5x matches a backfill to 5k btc with another 20% altbtc rise, 2x with 6k btc and 30% alt rise.. tight stops.