Hey everyone! Let’s dive into the current state of the altcoin market with this 12H chart of the Crypto Total Market Cap Excluding Top 10 (
OTHERS). Here’s what I’m seeing:
🔹 Altcoins Halting the Free Fall: The altcoin market has finally stopped its free fall. We’re seeing a bullish divergence forming on higher timeframes, and while Bitcoin dominance continues its upward trend, it’s likely at or very close to a local top. Of course, a black swan event could change everything, but from a technical perspective, I don’t see this as the start of a bear market—just a correction and another phase of accumulation.
🔹 OBV Signaling Accumulation: Interestingly, the On-Balance Volume (OBV) forOTHERS has been indicating accumulation despite the decline over the past two months. Even more telling, the OBV on the 12H timeframe has just hit a new higher high, which is a strong bullish signal.
🔹 What’s Next?: Right now,OTHERS is attempting to break above a diagonal resistance that has been in place since January 25th. If this breakout is successful, I’d feel confident placing my buy orders. I wouldn’t wait for further downside—more likely, we’ll spend a few months in a range. Within this range, the $300B level is particularly interesting because it’s roughly the midpoint of the range, where the price will likely be drawn to at least sweep liquidity. The horizontal volume profile supports this view: the $300B level falls within a Low Volume Node (LVN) zone, indicating a volume gap. This gives the price an additional reason to push toward this level to reclaim it in the near term.
🔹 Potential Scenarios: If we break above the diagonal resistance and reach $300B but then reverse lower, I’ll close my short-term buys and wait for a return to the lower end of the range. In that case, we might be in for a longer consolidation period, potentially following a Wyckoff accumulation schematic. On the other hand, a successful breakout could set the stage for a more sustained move higher toward the Point of Control (POC) level.
Wishing everyone good luck and profitable trades! 🍀📈
OTHERS). Here’s what I’m seeing:🔹 Altcoins Halting the Free Fall: The altcoin market has finally stopped its free fall. We’re seeing a bullish divergence forming on higher timeframes, and while Bitcoin dominance continues its upward trend, it’s likely at or very close to a local top. Of course, a black swan event could change everything, but from a technical perspective, I don’t see this as the start of a bear market—just a correction and another phase of accumulation.
🔹 OBV Signaling Accumulation: Interestingly, the On-Balance Volume (OBV) for
OTHERS has been indicating accumulation despite the decline over the past two months. Even more telling, the OBV on the 12H timeframe has just hit a new higher high, which is a strong bullish signal.🔹 What’s Next?: Right now,
OTHERS is attempting to break above a diagonal resistance that has been in place since January 25th. If this breakout is successful, I’d feel confident placing my buy orders. I wouldn’t wait for further downside—more likely, we’ll spend a few months in a range. Within this range, the $300B level is particularly interesting because it’s roughly the midpoint of the range, where the price will likely be drawn to at least sweep liquidity. The horizontal volume profile supports this view: the $300B level falls within a Low Volume Node (LVN) zone, indicating a volume gap. This gives the price an additional reason to push toward this level to reclaim it in the near term.🔹 Potential Scenarios: If we break above the diagonal resistance and reach $300B but then reverse lower, I’ll close my short-term buys and wait for a return to the lower end of the range. In that case, we might be in for a longer consolidation period, potentially following a Wyckoff accumulation schematic. On the other hand, a successful breakout could set the stage for a more sustained move higher toward the Point of Control (POC) level.
Wishing everyone good luck and profitable trades! 🍀📈
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.