Altcoins
Huge Altseason on the Horizon as Altcoins Gear Up for 2017-Style Expansion, Says Analyst
An analyst who continues to build a following with timely predictions about the cryptocurrency market believes the stage is set for altcoins to see a major bullish explosion.
Pseudonymous analyst TechDev tells his 461,900 followers on social media platform
According to the analyst, OTHERS appears to mirror the setup of 2017, just before the altcoin market witnessed a parabolic surge.
“Accumulation -> Markup -> Expansion…
No bearish idea I have ever seen has passed an early 2017 backtest. Every idea is a hypothesis. I suggest not stating these as facts without first backtesting with a quick scroll to the left.”
Source: Technical Development/X
Looking at the trader’s chart, it seems to suggest that OTHERS is preparing for an expansion phase similar to the one that happened about seven years ago after respecting the 0.382 Fibonacci level. The chart also suggests that the relative strength index (RSI) momentum indicator is about to print a higher bullish low at its diagonal support.
To support its bullish stance on altcoins, TechDev examines the Bitcoin Dominance Index (BTC.D), which tracks the percentage of the total cryptocurrency market capitalization that belongs to BTC. The analyst shares a chart suggesting that BTC.D is about to embark on a downtrend while showing a bearish divergence, indicating that Bitcoin is losing momentum against altcoins.
A bearish BTC.D implies that altcoins are about to outperform Bitcoin.
Says TechDev,
“The cryptocurrency market in two charts.
BTC is bullishly consolidating at its previous all-time high.
While a massive alternative season is on the horizon.”
Source: Technical Development/X
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