ETH needs to rise for altcoin bull market to start

Hello, traders.

If you "Follow", you can always get new information quickly.

Please click "Boost" as well.

Have a nice day today.

-------------------------------------

Altcoins are rising by more than 30%, so it seems that the altcoin bull market will start, but in fact, I think the altcoin bull market has not even started.

(ETHUSDT 1M chart)

It is showing a movement that seems to be turning into an uptrend by touching the MS-Signal (M-Signal on the 1M chart) indicator and rising.

However, it cannot be said that it has turned into an uptrend because it has not maintained the price by rising above HA-High (3321.30), BW (100) (3438.16).

HA-High, BW(100) indicators indicate the high point range.

Therefore, in order for a full-scale uptrend to begin, the price must rise above the HA-High, BW(100) indicators and be maintained.

If not, I think it is highly likely that it will end as a rebound rather than an uptrend.

-
ETH is the second largest coin in terms of market capitalization after BTC.

Therefore, I think that ETH must first maintain an uptrend for an altcoin bull market to begin.

A few coins (tokens) are showing a large increase, but looking at the overall flow of altcoins, it seems that they have stopped rising and are now moving sideways or starting to show a downtrend.

-
(1D chart)

Therefore, I think what we should look at importantly is the movement of ETH.

1st: 3039.57-3076.0
2nd: 2895.47
The key is whether it can rise with support near the 1st and 2nd above.

-
The MS-Signal (M-Signal on the 1D chart) indicator is rising near 3039.57.

Therefore, volatility is expected to occur when the MS-Signal (M-Signal on the 1D chart) indicator is touched.

Currently, since it is maintaining the status of M-Signal on the 1D chart > M-Signal on the 1W chart > M-Signal on the 1M chart, I think it is more likely to show an upward trend.

Therefore, if the price rises above 3321.30 in the volatility that will occur this time and maintains, it is expected that an upward trend to renew the ATH will begin.

If ETH starts to rise to renew its ATH, I think it is highly likely that the altcoin bull market will begin.

In order to do that, I think BTC needs to confirm its support.

-
Have a good time.
Thank you.

--------------------------------------------------

- Big picture
I used TradingView's INDEX chart to check the entire range of BTC.

(BTCUSD 12M chart)

Looking at the big picture, it seems to have been rising since 2015 following a pattern.

In other words, it is a pattern that maintains a 3-year bull market and faces a 1-year bear market.

Accordingly, the bull market is expected to continue until 2025.

-
(LOG chart)

Looking at the LOG chart, you can see that the rise is decreasing.

Accordingly, the 46K-48K range is expected to be a very important support and resistance range from a long-term perspective.

Therefore, it is expected that prices below 44K-48K will not be seen in the future.

-

The Fibonacci ratio on the left is the Fibonacci ratio of the uptrend that started in 2015.

In other words, it is the Fibonacci ratio of the first wave of the uptrend.

The Fibonacci ratio on the right is the Fibonacci ratio of the uptrend that started in 2019.

Therefore, it is expected that this Fibonacci ratio will be used until 2026.

-
No matter what anyone says, the chart has already been created and is already moving.

It is up to you how to view and respond to this.

If the ATH is renewed, there are no support and resistance points, so the Fibonacci ratio can be appropriately utilized.

However, although the Fibonacci ratio is useful for chart analysis, it is ambiguous to use it as support and resistance.

The reason is that the user must directly select the important selection points required to generate Fibonacci.

Therefore, since it is expressed differently depending on how the user specifies the selection points, it can be useful for chart analysis, but it can be seen as ambiguous to use it for trading strategies.

1st: 44234.54
2nd: 61383.23
3rd: 89126.41
101875.70-106275.10 (when overshooting)
4th: 134018.28
151166.97-157451.83 (when overshooting)
5th: 178910.15

-----------------