Been tracking TOTAL2 or Crypto Total Market Cap excluding BTC. And as Bitcoin closed weekly candle above the 0,618 fib I have to be bullish until invalidated. Same for ETH, its also playing out, check out my TA on both here. Now, ALT's or the rest of Crypto, where are they heading?
As the last cycle, (orange circle) after the breakout we had a few months of consolidation before the breakout of the range high. (yellow line). This cycle, exactly the same.. Also in the indicator below, printed 3 green dots and 2 red before the money flow increased, just like now. For confirmation we need this monthly candle to close above.
But in the weekly time frame we have confirmation, last week closed above so we should see a rally for alts, and a retest in coming weeks. If a succsesfull retest then its basicly up only for one year. Is it possible? Am I in disbelief after the bear market?
My idea also comes from when I look at ALT's, e.g @splinterlands or SPS. It has made a higher high and then maybe the correction now turns out to be the higher low that I talked to you about @mypathtofire. Also the reason I chose to add some to my alt bags so that I have a small stake if it plays out. It's like 40x to the top..
For context I leave you with this comparison of where I think we are in the cycle according to elliott wave theory. I held mana from the bear market 2018 and it still did 40x. So why shouldn't SPS do it? What do you think @tobetada and @heroldius will we see new ATH? And others ALT's ofc, there is a lot of them. DYOR. NFA. bla bla..
I hope you enjoyed reading and leave a comment If you want to see more ideas in the future.😃
Please do follow if you want to keep up with my next post. Any upvotes or reblogs are hugely appreciated!
Latest post, check out :
BTC update - 48k hit ✅ Whats next? What about ETH?
Christopher
Kristiansand, Norway
Source: Photos are chart-screenshots by me from Tradingview.com
follow for our street art contest and blogs about travel, art, photo, crypto & gaming
