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Sunday, August 16, 2020

Important Weekly close for Alt-coin Market Cap!!

Important Weekly close for Alt-coin Market Cap!!

The Total Crypto Market Cap excluding BTC (Total. 2) is currently testing the Weekly resistance of 138.924B once again. The 2 previous attempts to close above this level have resulted in huge pull backs to the Monthly Support of 52.161B, these occurred on July 30th 2018 and June 24th 2019. If we were to see a rejection from this crucial level again and a rise in BTC Dominance ( BTC .D) then it could signal the end of alt-season and the right time to start filtering alt-coin positions back into BTC /stable-coins. However, a look at the BTC .D chart shows a 7th successive bearish candle on the Weekly TF and a loss of a key Weekly Support of 62.51%. Therefore, if this trend continues and the Total. 2 MC closes above this key level of 138.92B we could see an even larger rise is alt-coins, possibly the leading to a real alt-season similar to that of 2017....

from Trading Ideas
via gqrds

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