TOTAL3 (Excluding ETH & BTC) Testing Major Levels |
""Altcoin Market (Excluding ETH & BTC) Testing Major Levels | TOTAL3 Weekly Analysis"
**Description**:
The **TOTAL3** chart, which represents the altcoin market cap excluding Bitcoin and Ethereum, is testing a critical resistance at the **0.236 Fibonacci level (~900B)**. This level has historically acted as a major barrier (as seen in the past rejections marked by red circles), but recent strong volume and bullish momentum suggest the possibility of a breakout.
**Key Observations**:
1. **Fibonacci Levels**:
- Price is testing the **0.236 Fibonacci level (~900B)** after breaking through the 0.382 level (~760B), which now acts as support.
2. **Parabolic SAR**:
- Green PSR dots below the candles signal that the market is currently in an uptrend, while red dots above would indicate potential trend reversals.
3. **RSI Strength**:
- RSI is at **76**, indicating strong bullish momentum, though it’s approaching overbought territory.
4. **Volume Spike**:
- Recent volume suggests increasing market participation, aligning with the bullish trend.
**What to Watch**:
- **Bullish Case**: A weekly close above **900B** could open the door for further gains, with potential for the next major move.
- **Bearish Case**: A rejection here may result in a pullback to **760B (0.382 Fibonacci)** or lower levels, offering new entry opportunities.
**Key Takeaways**:
📈 Altcoins (excluding ETH & BTC) are showing strong bullish momentum as they approach a major resistance level.
⚡ A breakout above 900B could signal continuation, while a rejection might offer pullback opportunities.
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