An analyst who continues to build a following with timely crypto market calls believes that the stage is set for altcoins to witness a big burst to the upside.
Pseudonymous analyst TechDev tells his 461,900 followers on the social media platform X that he’s looking at the two-week chart of OTHERS, which tracks the market capitalization of all crypto excluding the 10 largest digital assets and stablecoins.
According to the analyst, OTHERS appears to be mirroring its setup in 2017 just before the altcoin market witnessed a parabolic surge.
“Accumulation –>Markup –> Expansion…
Not one bearish idea I’ve seen passes a start-of-2017 backtest. Every idea is a guess. I suggest not stating them as fact without backtesting a quick scroll to the left.”
Looking at the trader’s chart, he seems to suggest that OTHERS is gearing up for an expansion phase similar to what happened 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 bullish higher low at its diagonal support.
To support his bullish stance on altcoins, TechDev looks at the Bitcoin dominance (BTC.D) index, which tracks how much of the total crypto market cap belongs to BTC. The analyst shares a chart suggesting that BTC.D is about to go on a downtrend as it flashes a bearish divergence, indicating that Bitcoin is losing momentum against altcoins.
A bearish BTC.D implies that altcoins are about to outperform Bitcoin.
Says TechDev,
“The crypto market in two charts.
BTC is bullishly consolidating at its prior all-time high.
As a massive altseason is on the horizon.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Featured Image: Shutterstock/Voger Design/Sensvector
Read the full article here
Follow us on Google News to get the latest Updates
