Altcoins - Bottom in / Recovery in ProgressAfter BTC's recent slip to $58k we have seen altcoins massively hold support in comparison. Across the board we have seen altcoins create double bottoms and bullish divergences (will be posting more charts on this later.
Right now, We are seeing a breakout on "OTHERS". Crypto market cap excluding top 10. It recently broke out of a falling wedge, retested it, and is trying to push higher.
We also see a massive bullish divergence created on the 4H and higher time frames. We saw a lower low in price action followed by a higher low on our strength index.
OTHERS trade ideas
ALTcoin Market Has An Incomplete Impulsive CycleIf we take a look at ALTcoin market cap with ticker OTHERS, which excludes top 10 cryptocurrencies, we can see it retesting April lows due to lower ALTcoin dominance. But, the wave structure looks corrective, so it’s clearly in a higher degree wave 4 correction. Ideal support comes around 38,2% Fibonacci retracement and base channel resistance line, so around 200B area or slightly lower, from where we will expect a bullish continuation for wave 5.
Short squeeze into alt season?Bulls need to close back into the median range, preferably with a hammer and supporting volume. The current levels appear oversold, with divergence confluent in the golden accumulation pocket of this range.
In my view, the blue trajectory seems more likely, but this may ultimately depend on the FOMC. It could be the catalyst that either strengthens the bears, who have been gaining momentum and calling a top, or revives the bulls.
Predicting the future - CPI tommorrowWe have a very important CPI print as well as FOMC meeting tomorrow. Based on where the charts are at currently tells us massive volatility will appear beginning tomorrow.
As I have been posting previously about BTC & some alts most charts show that they are at extremely key levels of support. This should give us a great chance to enter positions around these levels, but we also must be aware that if these levels are lost tomorrow with a bad CPI print then it could lead to a massive liquidation waterfall to the downside.
My guess is CPI will have a good print tomorrow due to how the charts look. January, March, and May CPI prints all lead to a drop before then rally after. It could look very similar to the current situation we are in.
I also have 4 charts pulled up. BTC (top left) show that we are holding about our orange line which could be confirming a retest of old resistance into new support. Total (top right) needs to close a little higher to also confirm its old resistance level as new support. Total 3 (bottom left) shows the 0.236 liquidity level is currently being defended yet again. Others (bottom right) is holding our green level of support for the third major test around 250B.
Will update these charts once CPI numbers print. Right now the charts are leaning towards a bullish outlook, but have tight stop losses if those key level of support are broken.
Cryptocurrency Whale TalkJust the other day, less than three days ago, I sat down with some of my whale friends; in total, there were five (5) of us.
We sit down together to plan and calculate the future of this space, the Cryptocurrency market. We are not greedy at all but, there is always this feeling permeating the room as if we are God-Incarnate and, honestly, we would like to control the world.
The main topic of discussion was about the action that each of us as a managing unit would engage in next. We have billions and billions of dollars worth of Bitcoins to distribute; huge profits, not a single penny of loss and yet we wondered, "How can we extract the maximum amount of wealth from those that are clueless, from those that have a clue..."
In short, how to extract the maximum level of profits while still maintaining the highest possible level of control. You wouldn't believe who the main players are... Everything we see and experience is just an illusion, a manufactured one.
The perceived reality based on truth and direct experience, only a very small number of people outside this gathering really knows.
But, there was another topic, there is a very strong wild card.
While we whales control and manipulate everything thanks to our success and market growth, sometimes we forget to "share" or better yet, "compensate" those peasants that engage in the hardest part of the work.
So, how much information shall I reveal to you in this incredibly beautiful day?
All knowing that this post is just my imagination and for entertainment, not based on truth —because I don't want to be shot, so let's just pretend.
To keep a long boring financial story short, they decided that the best course of action was to ignore.
They will proceed with the main and usual plan —They decided to take turn.
I cannot say explicitly how the situation will unfold, but I can tell you with a high level of certainty that better prices are still ahead of us.
As for me ... I don't know.
It is not like I had a chair in the meeting, it was more like reading thoughts... Communication of the soul.
They are not willing to reward us, not even to acknowledge us in anyway but, they are very, very happy to exert on us, the market, the highest possible level of discomfort and pain.
What's the point?
These are not billionaires aiming for a brighter future and a better world, it is more of the same and the old; they just want to compete between each other for power and control, to show to each other who is the big guy, who is king, who will win, who's the boss, and for what?
We are all going to die in the end.
These people need to practice meditation ... Everybody can win —It is possible if you belief ... I am out!
P.S. I will reveal more information next time. I am learning to leave my body at will and I've already overcome the fear of death.
They can't control me anymore ...
Namaste.
Expect some PullBack as we enter the wedgeWe have been riding the top of the wedge as we enter into the narrows. I expect the market to drop down and find support toward the bottom portion of the wedge before our next run up. Followed by some bullish movement for the next couple of weeks as we prepare to test resistance levels at the previous high @ 355B. CRYPTOCAP:OTHERS
MEME COIN CYCLE - Total Meme Coin MC to $420BWe do not yet have a Meme Coin Market Cap index in TradingView but I am expecting Meme Coin Total Market Cap to reach ~$420B Market Cap at pico cycle top this cycle
Reasons:
- CRYPTOCAP:DOGE is basically playing out the 'OTHERS' market cap chart, just a cycle behind.
-Instead of CRYPTOCAP:DOGE , you can change this to the Meme Coin market cap chart ( CRYPTOCAP:DOGE was basically the only meme coin in 2020 - CRYPTOCAP:SHIB came later). Currently Meme Coin Total Market Cap as of today 5/23/2024 is GETTEX:61B Market Cap ( CRYPTOCAP:DOGE MC is currently $23B)
-2017 - #OTHERS MC peaked at GETTEX:70B MC.
-2021 - #OTHERS MC peaked at 450B MC.
-2021 - CRYPTOCAP:DOGE MC peaked at GETTEX:70B MC.
-2024 - Meme Coins MC predicted to peak at ~$420B MC.
CRYPTOCAP:DOGE , CRYPTOCAP:SHIB , CRYPTOCAP:PEPE , and CRYPTOCAP:WIF market cap index limited history, is the bright green line chart.
Price is fractal, studying Market Caps is the alpha-leak.
gl hf, make sure to book profits, NFA.
- @CryptoCurb
Total -top10 If we consider the market for pure alts, without the top 10 market caps, then we can trace a pattern at the beginning of which we are now in this cycle
If you look at the chart, you can see the first phase of pumping, then the correction, indicated by the blue area, together with the trend Ema shows that the total volume after this correction increased significantly, and if you trace the trend of the cycles using the Fibo, you can see that two cycles were adjusted globally to the area of 0.382 according to Fibo, accordingly, if you throw the expansion beyond the high, you can expect an increase in volume to the same values only in a mirror form -0.236 and -0.382
this structure was clearly repeated twice, and this time the correction was also to the values of 0.382
and if you look at the situation now, you can see how the volume is being bought up, and based on the expansion, you can expect an increase in alts by 600% from the current ones, or in the equivalent of $1.7t. now this value is 275B
📈 The Market Is In No Hurry, What About You?While many of us can be in a hurry, or better yet, excited about potential market conditions, the market does not get excited and does not care; the market is in no hurry.
The market; our market, the Cryptocurrency market, moves in cycles and within these cycles we have waves.
The market grew really strong in 2023, our recovery year and this growth continued even through early 2024. This growth period is set to continue, it is set to become even stronger and enter 2025; the best part is yet to come. But before this major bull-market we have been tracking and expecting we have a correction taking place.
It is no longer speculation, guessing or predictions, the chart here clearly shows a 40% drop, which is already big enough, but my theory is that there is more because the market is in no hurry. In fact, the market likes to take all the time it needs to grow. The longer it takes, the stronger the foundations we build to sustain our long-term success.
So don't be in a hurry and let the market do its thing.
Take this time to study, to breathe deeply; take this time to sit down and to meditate.
Making money with Cryptocurrencies, or any other venture, is all about your mentality, your state of mind, your goals, your ambitions and even your health.
You need good health to be able to enjoy wealth.
You need knowledge and wisdom to be able to make the right decisions.
You need patience for the right opportunities to develop.
We all need to wait.
It is likely that there will be another drop before the next major bullish wave.
This is just a probable scenario, but one that we should keep in mind... Don't you agree?
Thank you for reading.
Namaste.
Wave Count Excluding Top 10It looks like a 5 wave structure to me. Wave 1 was extended to 178.6% of Wave 3, and considering Wave 3 is not gonna be the shortest, I've set a target of 78.6% of Wave 3 for Wave 5. Wave 5 target is compatible with the midline of the top ascending channel. According to this analysis, the crypto market cap target excluding top 10 is two point three trillion dollars.
OTHERAccording to the existing structure in the 3-month time frame, it is expected that in order to complete a high-level pattern of neutral triangle type, further correction will be needed until the range of 110-143. We are going to witness an upward movement to the minimum range of 325-maximum unit of 630
Double CNH..??This is all hypothetical, but just wanted to point out the rejection at 347B with support above the 050 at 213B with rounded bottom from 4/22 make one massive CNH. Follow that with a wider view and the peak at 480B in 11/2021 followed by a second peak yet to be printed would make a second possible CNH...if they print.
Leaving this as a neutral idea since the patterns are incomplete.
POO Coins are up 1.5X vs #BTC since June. HOW HIGH CAN THEY GO?This chart is of the market cap of #Altcoins divided by the marketcap of #Bitcoin.
If this ratio is going UP
Sh@tcoins (to give them their colloqiual name)
are out performing the #1 #Crypto asset.
("there is NO 2nd best.. " M. Saylor)
Risk ON.
Aka Silly season.
If this ratio is going down.
Then S coins are underperforming BTC
Bear market... S coins getting wiped out.
.... Got it?
Good.
Throwing on a Fib extension
(please draw your own chart... I am not a Fibonnaci expert by any means)
We can speculate how high,
and how much they will outperform.
and the magnitude of gains left on the table
Take Your pick of the extension level.
Or retracement Level if you are a Bitcoin Maxi, and don't believe a new ATH will be made in this ratio...
Good Luck in your speculations.
Altcoin Market Cap: Correction in Play, Recovery on the HorizonI'm seeing the altcoin market going through a correction this April, and it feels like we haven't hit bottom yet. I'm expecting to see some signs of a turnaround by mid-April though, and I'm optimistic about seeing growth next month. May looks like it's going to be pretty volatile, but I'm hopeful for a strong breakout in June. It's shaping up to be an interesting couple of months ahead.
#ALTCOINS are still BULLISHLY positionedWe cleared the 200d MA
CHECKBACKED
and had a slight correction
looking for another higher low
as we SMASH the key yellow line for GOOD
to confirm #Crypto spring for the many non-believers in this rally!!
:)
#SHIB
#LINK
#LTC
#CULT
#HEX
#PP
#DBI
#NEAR
#FTM
#AVAX