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...
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.
Cheers, @CryptoBarTalk
total alt-coin market cap is on the tipping point.you could clearly see the case of bullish divergence happening on the monthly chart. i confidently expect some impulse in the right way this time
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.
My favorite Ticker and timeframe to chart alts. Alts are currently finding themselves in a range - if price leaves to the downside, it'll hit the trendline soon around the beginning-mid February.
we now have access to the total crypto market cap excluding bitcoin right on tradingview! we can now apply technical analysis directly on the alt coin market cap chart! unreal!
1. we see the major trendline break (yellow dotted)
2. key psychology levels- $100 billion, $50 billion, $25 billion marks (teal lines)
3. descending channel (white)
4.TD Indicator
It...
In this graph we are comparing the TOTAL2 index and BTC in its first major dip and its return, likewise we can see we remain inside the bearish channel, yet we are due for a positive correction from inside. Looking at the bounce we see a return to the local mean; In the first instance it was 10K BTC. In the second instance it is 6K BTC.
Best course of action is...
Based on trendlines over 1 year, it appears we are running down to the end of the bullish falling wedge. Only one month remains before potential breakout for an altcoin run.
I am using the new TOTAL2 (alts excluded BTC) index from TV to catch the bottom. Yes I know, dear gurus "I don't have to catch the bottom or play w/falling knife...". But I like the adventure games.
On the other hand, it could mean that 30% of s**tcoins will die.
As always, #DYOR
cheers
This gives a general overview of the Alt market. It looks like we may be headed for a test of this confluence. To put that into perspective, if we test this area, it means that the ALT market will lose an additional 87% of its value by April/May of 2019.
While on this topic I think it is important to address one issue with crypto market cap that is on par...
