Altcoins
Massive Altseason On The Horizon As Altcoins Prepare For 2017-Style Expansion, Analyst Says
An analyst who continues to build a following with timely calls on the crypto market believes the stage is set for altcoins to witness a major burst to the upside.
Pseudonymous analyst TechDev tells his 461,900 followers on social media platform X that he is looking at the two-week chart of OTHERS, which tracks the market capitalization of all cryptocurrencies, excluding the 10 largest digital assets and stablecoins.
According to the analyst, OTHERS appears to be mirroring its 2017 setup, just before the altcoin market experienced a parabolic surge.
“Accumulation –> Marking –> Expansion…
No bearish idea I’ve seen passes an early 2017 backtest. Every idea is a guess. I suggest not presenting these as facts without doing a quick backtest to the left.
Source: Technical development/X
Looking at the trader’s chart, it seems to suggest that OTHERS is preparing for an expansion phase similar to the one that occurred about seven years ago after respecting the 0.382 Fibonacci level. The chart also suggests that the Relative Strength Index (RSI) momentum indicator is about to print a higher bullish low on its diagonal support.
To support its bullish stance on altcoins, TechDev looks at the Bitcoin Dominance Index (BTC.D), which tracks crypto’s share of the total market capitalization. Bitcoin. The analyst shares a chart suggesting that BTC.D is about to trend lower as it displays bearish divergence, indicating that Bitcoin is losing momentum against altcoins.
A bearish BTC.D implies that altcoins are about to outperform Bitcoin.
According to TechDev,
“The cryptocurrency market in two charts.
BTC is consolidating bullishly at its previous all-time high.
As a huge alternate season looms on the horizon.
Source: Technical Development/X
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