Altseason - are you seeing this?
Updated
Others dominance may be wrapping up a right shoulder on he weekly. The right shoulder may take longer than the indicator has drawn, however so I've drawn my own next to it in white.
As confluence for this, the larger pattern began taking shape after a smaller one formed within its head.
The smaller inverted HS is already confirmed and is presently re-testing its neckline, pullbacks below failing so far. Its targets are 16% and then just slightly over 19% and just below ATH, should it hold after another test or pullback.
Targets for both:
Conclusion:
As confluence for this, the larger pattern began taking shape after a smaller one formed within its head.
The smaller inverted HS is already confirmed and is presently re-testing its neckline, pullbacks below failing so far. Its targets are 16% and then just slightly over 19% and just below ATH, should it hold after another test or pullback.
Targets for both:
- The smaller HSi would confirm the larger one by reaching its TP 1 at 16%, and then holding above ~13.5% or so.
- TP 1 as measured for the larger HSi on the non-log chart is 19.7%, or slightly above ATH.
- Its logarithmic measured TP 1 is above ATH around 24.15%
Conclusion:
Altcoins may regain its prior ATH in market dominance, somewhere around 19.5%, and could approach 24-25%
Trade active
Update, tapped the top of the neckline of the smaller HSi within the larger one with today's wick down. Need to continue holding roughly 10%, could see a pullback as long as it recovers that neckline:Trade active
Weekly closed above the smaller HSi's neckline. I've further marked up the chart:
- Diagonal red line needs to hold or a likely strong move down.
- Diagonal green line need to break for a move to previous ATH and possibly a new ATH
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