With Bitcoin ($BTC) printing a rather bearish monthly candlestick chart, It looks like the bull market may be hiding. At least until late January. Of course, altcoins won’t be on a rampage any time soon as the altcoin season is postponed again. Will there be a good season during this bull market?
Reversing the current resistance to support would be a big deal for altcoins.
Source: Trading View
Total3 is the total market capitalization of all cryptocurrencies, excluding $BTC and $ETH, so it is a great chart to judge how altcoins are doing. You can see from the chart above that the breakout from the cup pattern and The hand suddenly stops at $1.16 trillion. And the correction found support at the top edge of the cup.
Whether this will continue to gain significant support remains to be seen. There is still a possibility that the price could fall to retest the top of the $785 billion handle.
The current market capitalization rose steadily against resistance at $939 billion. Breaking this could mean a resumption of the altcoin bull market. However, the Stochastic RSI at the bottom of the chart has indicator lines headed down. Until it turns around and starts to go back up. The necessary price momentum is absent.
There is still no All Season to be seen.
Source: https://www.blockchaincenter.net/
at Blockchaincenter.net As you can see, there was actually a small altseason in early December. However, it was very short-lived and nothing like previous bull markets. The chart now shows the indicator at key support levels. Dropping below this would reduce the chances of an AL season even further.
The ramifications of Bitcoin Dominance need to continue.
Source: Trading View
Bitcoin Dominance (BTC.D) continues to show details from its ascending wedge pattern. Support levels are shown in the chart above. So that altcoins can really continue. The support level must be broken down to the downside. with the lowest level resulting in lower levels.
This said, everything will always depend on Bitcoin as far as altcoins are concerned. The best scenario for a proper altcoin season is for Bitcoin to surge higher and then move sideways for a period of time. Because this might not be in the cards. At least for the next few weeks. Al-Season will remain postponed.
Will there finally be some point in this bull market? There are no guarantees. But at the end of the bull market, after Bitcoin surges to new highs, large amounts of BTC value can flow into altcoins for their final surge. Could there have been an earlier AL season? Yes, anything is possible. But this bull cycle behaves differently than previous cycles. Bitcoin Dominance is a chart to watch.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source link