Alt Coins - one more correction likelyThis is the chart of TOTAL3 market cap - all coins excluding BTC and ETH (essentially market cap of all alt coins).
As we can see, price action is within a larger bull flag (yellow parallel channel) but within it, there is a bear flag (red parallel channel).
Market cap is currently at 950 bn. We are likely to see one more correction where market cap is likely to touch 800 bn market cap. This is because if market cap breaks down from the bear flag, on the basis of measured move, market cap is likely to touch 800 bn. This is also a fib retracement level of 50% and a strong support zone on Weekly timeframe.
Once market cap hits 800 bn zone, there is likely to be a bounce which could pierce the yellow parallel channel as it will be the 3rd hit on the upper trendline of the yellow parallel channel.
Remember technicals are all probabilities, market cap could negate bear flag to hit upper trendline of the yellow parallel channel.
