Just a quick chart. I'm not going to write a long analysis here. This is to show that altcoins have still not begun a parabolic run. They are continuing to stagnate at the uptrend channel resistance, despite moving slowly up in USD value. This is in line with what I wrote about recently in this analysis:
Also in this post, comparing NEO's Bitcoin ratio with Ethereum's USD value:
Something also to keep track of is the total crypto market cap. I called a move up towards $300B a while ago. We're currently piercing the top of the long term bullish channel:
Zoomed out:
If we're going to see a major alt season, I won't expect it to happen until that channel resistance has been broken. To be honest, it's mostly XRP that's holding it down at this point. ETH has already broken out of its channel and retested it as support (you can see that it my other posts). To me, it doesn't matter so much what the Bitcoin ratios are. I'm looking at this chart, and at important USD resistances (like $0.50 for XRP, for example). I think this could happen once Bitcoin increases to a point where it FORCES certain alts to start breaking out.
Alright that's it for this chart. This is not financial advice - it is for personal use and educational purposes only.
-Victor Cobra
Also in this post, comparing NEO's Bitcoin ratio with Ethereum's USD value:
Something also to keep track of is the total crypto market cap. I called a move up towards $300B a while ago. We're currently piercing the top of the long term bullish channel:
Zoomed out:
If we're going to see a major alt season, I won't expect it to happen until that channel resistance has been broken. To be honest, it's mostly XRP that's holding it down at this point. ETH has already broken out of its channel and retested it as support (you can see that it my other posts). To me, it doesn't matter so much what the Bitcoin ratios are. I'm looking at this chart, and at important USD resistances (like $0.50 for XRP, for example). I think this could happen once Bitcoin increases to a point where it FORCES certain alts to start breaking out.
Alright that's it for this chart. This is not financial advice - it is for personal use and educational purposes only.
-Victor Cobra
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Also check out this comparison my friend made. Based on this, I'm speculating that we COULD be about to see the final altcoin flush. There is major resistance once dominance gets close to 70%.
