What's up with Alts Season?
We can see that Bitcoin did set a new ATH, and the Total Market Cap as well did set a new ATH. Yet, the Alts Market Cap still did not. So... what's up?
1) In summer,y Alts Season did not start yet. Alts rally when BTC stabilizes for few days, but the Alts Season starts as BTC falls from its ATH of the cycle. And we are not there yet ;)
2) the Alts Market Cap can set a new ATH any day now, but still Alts are split into three categories; laggers like XRP and most Alts, leaders like ADA & AVAX and few that somehow march along with BTC from time to time like ETH. You can accordingly categorize your bag.
3) Technically the Alts Market Cap is bullish:
a) above Ichimoku Cloud
b) Green Ichimoku Signal
c) Ichimoku Conversion line above the Signal line
d) above the 8W SMA
So what's missing?
* RSI Breakout is still weak capped by the weekly RSI resistance; and currently at 70. => a breakout from the resistance is a must for the Alts to rally. While the RSI is at the resistance, still it may not breakout from the resistance violently in weeks time.
* BTC needs to cool down for Alts to rally.
1) In summer,y Alts Season did not start yet. Alts rally when BTC stabilizes for few days, but the Alts Season starts as BTC falls from its ATH of the cycle. And we are not there yet ;)
2) the Alts Market Cap can set a new ATH any day now, but still Alts are split into three categories; laggers like XRP and most Alts, leaders like ADA & AVAX and few that somehow march along with BTC from time to time like ETH. You can accordingly categorize your bag.
3) Technically the Alts Market Cap is bullish:
a) above Ichimoku Cloud
b) Green Ichimoku Signal
c) Ichimoku Conversion line above the Signal line
d) above the 8W SMA
So what's missing?
* RSI Breakout is still weak capped by the weekly RSI resistance; and currently at 70. => a breakout from the resistance is a must for the Alts to rally. While the RSI is at the resistance, still it may not breakout from the resistance violently in weeks time.
* BTC needs to cool down for Alts to rally.
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