TOTAL3 Ascending Triangle PatternCRYPTOCAP:TOTAL3
I have been following this massive ascending triangle that has been forming on the TOTAL3 chart since the May correction. Notice how price has been unable to close any daily candles above the flat upper resistance bound. In the past few weeks this chart has consistently printed "doji's" as the consolidation inches closer to the upper resistance line. There is a clear ascending lower resistance bound that has formed as well.
The breakout target for this pattern would indicate a 70% move to the upside for this TOTAL3 index which would send many altcoins parabolic. It appears that price may continue to consolidate inside this pattern formation for up to 2 more weeks (~Nov.12).
My trading plan is to wait for a daily close above the resistance line and then open long positions in a few different altcoins that I feel have been suppressed. Best of luck to all during this coming altseason.
Totalmarketcap
BTC/USD ($59k Level Good Support?)💎Technical Analysis Summary💎
BTC/USD
-Not much update for Bitcoin today
-Currently testing the previous resistance level
-We can see the price is reacting to this horizontal support
-If the Buyers can sustain above this 59k dollar support
-Consolidate and form a potentially bullish pattern in the daily timeframe
-The chances to print another ATH price is likely to play out next month
-Most of the strong Altcoins I'm holding are receiving good returns lately
-If the BTC Dominance will continue to decrease its value
-Expect many Altcoins will perform well too next month, so be ready
-My advice is only to look for strong coins that have a bullish structure
-Bullish patterns that are ready to break out in the coming days
-Have a trading plan and proper stop loss location base on its structure
-Good luck guys and stay safe!
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Macro analysis of the relationship btw Cryptocurrency mcap & DXYAs we can see in the chart above, DXY has reverse correlation to the Total market cap of Cryptocurrencies. The lower the DXY, The more money injected to Crypto.
DXY is in a critical level. If Dollar gains strength, That wouldn't be good sign for Crypto. But in my personal opinion, I think Dollar will lose strength from here.
Simply because of rapid money printing by the FED and the expected debt limit increase.
BTC/USD (Test Previous Resistance?)💎Technical Analysis Summary💎
BTC/USD
-Bitcoin hit a new ATH recently but seems like a minor profit taking oppurtunity for others
-The price is now testing the 60k physiological support level and previous resistance area
-If BTC will consolidate within this support area and hold this level for a few days or weeks
-Then, another potential to break into a new ATH level is expected next month
-For the altcoins view, the BTC Dominance value started decreasing
-Which will give the Alts a breather to recover and potentially have their time
-I'm still into swing trades and will add more new positions once I see the good market condition
-Good luck everyone and stay safe!
⚠️Please always read the description⚠️
Thanks for donating 💰 via Tradingview coins ozzyman2 🙏🎉
``````````````````````````````````````````````
If you need help🙋 don't hesitate to
Send me a message here PolarHusk 😊
``````````````````````````````````````````````
Trading Involves High Risk ⚠️
Not Financial Advice 💸
Exercise Proper Risk Management 💱
``````````````````````````````````````````````
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.
New Altseason - Are You Ready? Hi, this is my new update for Total Market Cap Exclude BTC. We are ready to set a new ATH soon. We have completed a cup and handle and by the definition of cup and handle we are going to repeat bottom to top (127% gains) again when we are going to break ATH. We have already broken one of the must important trendline today, so everything is ready to takeoff, so be patient and don't panic ;)
BTC/USD (New All -Time High)💎Technical Analysis Summary💎
BTC/USD
-Bitcoin printed a new All-Time high and is trading above 65k dollars today
-The price respected the 50W moving average since its correction phase
-Since BTC is now at a new level of trading, price discovery is likely to happen
-We can use fib extension to potentially look for taking profit zone can be
-But for now, let us enjoy this new achievement for Bitcoin
-For the altcoins, they are not receiving the best opportunity yet due to strong BTC Dominance
-But their time to shine and make us good profits is coming close
-BTW, I'm currently into swing trades lately and doing good now
-I only traded coins with a strong price structure to increase my market bias
-I will add more new positions once I see a good confirmation
⚠️Please always read the description⚠️
Thanks for donating 💰 via Tradingview coins ozzyman2 🙏🎉
``````````````````````````````````````````````
If you need help🙋 don't hesitate to
Send me a message here PolarHusk 😊
``````````````````````````````````````````````
Trading Involves High Risk ⚠️
Not Financial Advice 💸
Exercise Proper Risk Management 💱
``````````````````````````````````````````````
Total 2, Why don't Altcoins move?!Hello my friend. This is the reason why Altcoins do not grow behind Bitcoin movement trend. The Total 2 is crypto market cap exclude BTC and now under major resistance. After break the resistance, they will grow very very well. You can consider it. Good luck.
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TOTAL market cap OBV divergence ridiculously bullish (4H)Quick post looking for supporting trends on other indexes. TOTAL marker cap OBV divergence on the 4H is ridiculously bullish. This is supported, (but less extreme) in the higher time frames (D, W) which are more reliable. but suggests lots of money recently entering the market and staying in. Hopefully this cup and handle formation holds above resistance the money stays in and we see confirmation of the push up and the next leg of the bull run many are hoping for
(the only problem with recent money is that it can exit just as quickly, but this is promising)