Analyst ParabolicPump has shared insights that the bottom for Ethereum (ETH) and Bitcoin (BTC) may have been established, paving the way for an “epic Altseason.” ParabolicPump tweeted: “ETH/BTC may well have bottomed! The stage is set for an epic Altseason!”
Key indicators sending bullish signals
According to ParabolicPump, multiple indicators point to a possible reversal in the market. The analyst stressed that ETH/BTC “bounced perfectly from a lower key level and then managed to reclaim the levels above it.” Therefore, the bears are trapped, which means that the market sentiment may shift.
Furthermore, the Relative Strength Index (RSI) indicator on the weekly chart formed a “huge bullish divergence.” Furthermore, ParabolicPump emphasized the importance of the signal, saying: “Since this is a weekly chart, this is a very important signal to pay attention to! Remember, the longer the time frame, the more reliable these signals are.”
Potential for outstanding performance
Furthermore, ParabolicPump is confident that Ethereum will outperform Bitcoin in the coming months, stating: “ETH will outperform BTC in the coming months! Most#Altcoinswill outperform $ETH!”
The analyst said that an upward breakout of the diagonal trendline and holding above it would mark the beginning of the “real fun.” Additionally, ParabolicPump advocates for accumulating altcoins at current levels, claiming that “accumulating altcoins at current levels will result in life-changing gains.”
Contrarian View
ParabolicPump acknowledges the general mood of fear and caution among participants. However, the analyst believes this is a good time to be “maximum bullish,” especially after witnessing the developments on the charts.
Additionally, ParabolicPump congratulated those who weathered the storm, saying, "If you're not devastated, congratulations! The next few months are going to be epic, and the best is yet to come!"
While the cryptocurrency market remains volatile, ParabolicPump’s analysis provides a contrarian perspective, suggesting that the market may have bottomed and encouraging investors to position themselves for potential gains in the altcoin market.
(Personal opinion, not a recommendation)
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