$TOTAL2 Ana$TOTAL (the total market cap of altcoins excluding Bitcoin) is showing a Cup and Handle pattern, a highly bullish structure. With the addition of a pinbar candle above the neckline, the stage might be set for an altseason in 2024. Here’s a detailed breakdown:
The Cup and Handle pattern signals a continuation of the bullish trend.
The pinbar candle at the neckline indicates strong buying interest, which may drive altcoin dominance higher.
2. Historical Context:
A similar structure in 2020 triggered a massive altseason, with many altcoins rallying by 100%-1000%.
The current setup has striking similarities, pointing towards a repeat.
1. Buy Zone (Entry Price):
Start accumulating your favorite altcoins when $TOTAL2 is between $590B-$620B (current level).
2. Target Levels:
Short-Term Target: $650B
Medium-Term Target: $700B
Long-Term Target: $800B+ (if momentum sustains).
3. Stop Loss:
Set your stop loss below the neckline at
$560B.
1.Pattern Confirmation:
A confirmed breakout above the neckline of the Cup and Handle signals further upside.
2. Market Momentum:
Pinbar candles show a rejection of lower prices, implying strong bullish sentiment.
Bitcoin dominance has started to decrease, indicating a shift of funds into altcoins.
3. Macro Trends:
Regulatory clarity and institutional interest in altcoins like Ethereum, Solana, and XRP support bullish sentiment.
Start Accumulation:
Accumulate top altcoins (ETH, SOL, ADA, MATIC, etc.) as $TOTAL2 hovers around the $590B-$620B zone.
2. Wait for Confirmation:
A confirmed breakout above $630B with high volume will signal the start of altseason.
3. Take Profits at Targets:
$650B: Sell 30% of your altcoin portfolio.
$700B: Sell another 40%.
$800B+: Hold the remaining for extended gains.
Invest in multiple altcoins to spread risk.
2. Stick to Stop Loss:
Place your stop loss at $560B to avoid significant losses in case the market reverses.
3. Monitor Market Sentiment.
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