Altcoin Market Looking Bullish For CRYPTOCAP:TOTAL2 By Explosive_Cow

I’m bullish on the altcoin market ( TOTAL2 is the market cap of all of the altcoins), though in the mean time I’m unsure climate altcoins will outperform BTC .

The explanations I’m bullish are the next:

• We’ve already had one cycle of the Elliot waves since March 2020 with and impulse wave from March 2020 to Might 2021 and a corrective wave from Might 2021 to June 2021. Now that the cycle has ended, we’re beginning a brand new cycle and will probably getting into wave 3 of the impulse wave.
• The 9 weekly-EMA acts as assist.
• The MACD (blue line) is above the sign line (orange line).
• We aren’t in overbought territory on the RSI , which means there may be room to develop
• Larger highs and decrease lows since July 2020

The one factor I’d word is that there’s bearish divergence on the Histogram of the MACD for the reason that previous few weeks, however because it’s solely been 5 weeks, it’s not a big time. That is additionally the one unfavourable indicator, so it doesn’t pose a menace.

TP: My TP is the on the 1.618 Fibonacci stage taking the March 2020 low and the Might 2021 excessive, which might put it at 2.4T market cap (86% enhance).

I put the wave 3 ending in January, however that’s extremely subjective, it may very well be 6 months or extra from now or extra

Word: I presently maintain a number of altcoins at this level.