A month ago I publically called the bottom for Altcoins. Looking at the updated charts, it looks like I was right. But could this be just another relief rally that ultimately fails?
Lets try to answer this question now ๐
1) OTHERS daily chart:
My idea on the Others chart (Alts outside top 10) has played out beautifully so far.
We got the deviation below key support, retested the trendline a few more times before ultimately breaking it now.
There were 10 failed attempts to break out, and now we finally got what we waited for.
Now there is so much free real estate above and we can easily run it back up to march highs and further for our last leg of the bullrun.
This doesn't mean it wil be up only on a straight line tho of course.
I think another shakeout & a retest of the trendline is very likely before we can really take off.
2) TOTAL3/BTC weekly chart:
Also on this chart we got what I talked about a month ago, the big breakout.
Remember that this is the weekly timeframe so we have been forming this bullish falling wedge pattern along with the huge bullish divergence on the RSI for basically the entire cycle.
Due to BTCs strong performance we are also one step ahead of the Others chart so to say because we are already reteting the trendline right now.
This should obviously hold and flip the trendline from resistance to support, otherwise it wouldn't look that great anymore.
I have no reason to think it won't hold tho.
3)BTC.D/OTHERS.D weekly chart:
This is a chart im personally somewhat proud of as I haven't seen it before I posted it the first time.We can basically see that the last cycle and this cycle have played out in a very similar manner so far when it comes to who is dominating the market.
I have no reason to expect that this would change now all of the sudden.I was suspecting that we had just formed the final right shoulder of this H&S pattern a month ago and that seems to be true.
I expect further downgrind on this chart (bullish for Alts) until we break the trendline and enter euphoria stage for Alts.
4)OTHERS.D weekly chart:
This chart illustrates what the previous chart does in a simpler fashion.
We can again see the same pattern last cycle and this cycle.
First we get this "testpump" followed by a very sharp retrace that ends on the overall uptrend trendline before we get the real Altseason of the cycle.
So naturally I called the bottom when we hit this trenline (and the other charts mentioned agreed).So now in the future we can see that this trendline has held strong and I expect it to hold and the Altcoin dominance to rise from here on.Even the RSI perfectly tapped the oversold region on both occations
โช๏ธ Summary:
So lets make a TLDR:
๐นbottom is in for Alts
๐นlast leg of bullrun start now
๐นAlts dominance to rise from here
๐นfinal shakeouts still very possible (49k max downside)
I have no reason to believe that we are not entering the final stage of the bullmarket now.If we get this last big retrace, most will lose their mind and give up on their positions.
Some will hold steady and get away from the charts to distract themselfs.
But almost no one will buy.
But exactly this "last shakeout" (if it should happen) will be the single highest R/R buying opportunity.So if you have anyting left, I suggest you to place your bets right there.
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