Overview
The chart image shows the total market capitalization of cryptocurrencies other than Bitcoin (TOTAL2). Based on the RSI indicator and trading volume (volume), we can draw some observations and trend predictions for the third and fourth quarters of 2024.
RSI Analysis
- The Relative Strength Index (RSI) is currently at 36.06, showing that the market is in the oversold zone. This could be a sign that Altcoins are being sold off strongly, and the possibility of a price adjustment higher in the near future.
- Bearish signals appearing on RSI indicate a recent downward correction. However, with RSI below 40, this can be considered a good time to consolidate or buy.
Trading Volume Analysis
- The current trading volume does not have a large fluctuation, this may indicate the accumulation and consolidation of goods by large investors (whales).
- If trading volume increases suddenly accompanied by an increase in price, this will be a confirmation signal for the upward trend again.
Price Pattern Analysis
- Converging Triangle Pattern (Symmetrical Triangle): The chart shows that price is fluctuating in a converging triangle pattern. The top and bottom of this triangle create important support and resistance levels.
- The price is currently near the support level of the triangle, which reinforces the reason to buy while the price is at low levels.
Forecasting Trends for Quarter 3 and Quarter 4
- Quarter 3: If the price continues to maintain in the converging triangle pattern and does not break the important support level, it is likely that the price will increase and test the resistance level above. This may be a good time to start selling parts to take profits.
- Quarter 4: If the price breaks out of the converging triangle pattern in an upward direction, we can expect a stronger price increase, especially when large capital flows into the market. However, it is necessary to carefully monitor important resistance levels and adjust your trading strategy accordingly.
✨ Conclusion
Based on RSI analysis, trading volume and price model, the current time can be considered a good accumulation period to buy Altcoins other than Bitcoin. If the uptrend is confirmed in Q3 and Q4, partial selling will be a reasonable strategy to optimize profits. However, it is necessary to regularly update and monitor market developments to adjust strategies promptly.
