- Technical analysis suggests a potential altcoin season approaching.
- #Altcoin market cap forms a bullish inverse head-and-shoulders pattern.
- This pattern is seen as a reliable #bullish indicator, marked by three troughs with the middle one being the lowest.
- Confirmation of a trend change occurs when #prices surpass the connecting trendline (neckline) of these lows.
- Altcoin #market cap needs to exceed around $300 billion to complete the pattern and start the alt season.
- Josh Olszewicz, a crypto trader, conducted the analysis, excluding Ether and major stablecoins.
- Caution is advised as the pattern might not hold if the altcoin market cap reverses, invalidating the setup.
- Investors are watching closely for potential outperformance of altcoins compared to Bitcoin and Ether.
- #Traders are waiting for a decisive breach of the $300 billion resistance level before making moves.
