Subscribe & Save 5% on Cryptonary Pro!
Market Analysis

Altcoin Market Cap Technical Analysis – Gearing for Another Leg?

The Altcoin market-cap moves in a stronger fashion when the BTC dominance is dropping, as it indicates capital flow from BTC to Alts. We witnessed the latter near the top of the 2017 bull-run. TOTAL2 was rallying towards $445 Billion while BTC was cooling off and getting ready to drop, putting BTC’s dominance below 40%.

The December low was set in the first S/R liquidity region marked on the chart by the grey box, ranging from 38B to 48B. The region was touched twice and both times sent the price straight to the 63B key level. The break of that region occurred on the 27th of March 2019 and tested as support for three days before moving on towards the next key level of 85.5B. The first rejection of that level caused PA to be restrained in a descending channel for 5 weeks. After which we finally had an upside breakout that gave us enough momentum to break 85.5B and soar higher.

We retested the key level, and may even retest again before possibly heading towards the second S/R liquidity region [110B-120B]. Conversely, breaking 85.5B, to the downside, will probably bring the Altcoin market-cap down to 63B.

Sign up for our FREE mailing list

Join 12,590 others now and get actionable research and analysis sent directly to your inbox.

Post a Comment


Delivered to your inbox, every Sunday evening.