Total2 (CRYPTO CAP EXCLUDING BTC) looking Bullish.
ALT MKT CAP
I am seeing a lot of bullish sentiment in the alt markets. Multiple indicators are telling us that in the short to intermediate term, we should see a rally in many Altcoins.
Monthly
What we are seeing in the total alt market cap is a powerful ascending wedge forming on the monthly which should begin breaking out of this wedge sometime after mid 2020. We currently sit atop the 13 M MA which will close in 2 days. The next two days will be very important for the alt coin market. We have seen the 9 M MA cross the 13 M MA which could lead to a small rally and aligns with what we are seeing on the weekly.
Weekly
The weekly chart is extremely bullish as we have closed above the 13 & 9 W MA and we touched the bottom of our ascending triangle's support level. It seems we should rally over the coming weeks to the top of the ascending triangle to the 110 Billion Mkt Cap area based on past movements.
Closing Remarks
It is possible we are not yet seeing an ascending triangle, but the 110 Bil Mkt Cap area is a very strong line of S/R. The bottom trendline has to be respected until broken. To see the price close above the Weekly MA (9 and 13) and see us rally to the top of this ascending triangle would confirm this is the pattern we are seeing. These patterns forming over multi-year periods usually have strong breaks and confirms we should see retests of alt coin highs sometime later next year/ early 2021.
I am seeing a lot of bullish sentiment in the alt markets. Multiple indicators are telling us that in the short to intermediate term, we should see a rally in many Altcoins.
Monthly
What we are seeing in the total alt market cap is a powerful ascending wedge forming on the monthly which should begin breaking out of this wedge sometime after mid 2020. We currently sit atop the 13 M MA which will close in 2 days. The next two days will be very important for the alt coin market. We have seen the 9 M MA cross the 13 M MA which could lead to a small rally and aligns with what we are seeing on the weekly.
Weekly
The weekly chart is extremely bullish as we have closed above the 13 & 9 W MA and we touched the bottom of our ascending triangle's support level. It seems we should rally over the coming weeks to the top of the ascending triangle to the 110 Billion Mkt Cap area based on past movements.
Closing Remarks
It is possible we are not yet seeing an ascending triangle, but the 110 Bil Mkt Cap area is a very strong line of S/R. The bottom trendline has to be respected until broken. To see the price close above the Weekly MA (9 and 13) and see us rally to the top of this ascending triangle would confirm this is the pattern we are seeing. These patterns forming over multi-year periods usually have strong breaks and confirms we should see retests of alt coin highs sometime later next year/ early 2021.