Altcoin Market - Compression Phase
Quick Altcoin update:
The Altcoin market is still in a compression phase, broadly speaking the market is range bound between 37 Billion and 117 Billion, this echos the prior period of consolidation prior to the 2016 bull market.
As you can see there is also clear compression present in the Keltner/ Bollinger setup.
Consolidation pattern prior to 2016 bull market
Current consolidation pattern
Furthermore the RSI reading is consistent with the consolidation thesis, barring a sudden drop outside of the trading range.
Despite the recent selloff (and subsequent bounce) I remain bullish on the altcoin market and believe that higher prices for the broader market are just a matter of time and project development.
-TradingEdge
The Altcoin market is still in a compression phase, broadly speaking the market is range bound between 37 Billion and 117 Billion, this echos the prior period of consolidation prior to the 2016 bull market.
As you can see there is also clear compression present in the Keltner/ Bollinger setup.
Consolidation pattern prior to 2016 bull market
Current consolidation pattern
Furthermore the RSI reading is consistent with the consolidation thesis, barring a sudden drop outside of the trading range.
Despite the recent selloff (and subsequent bounce) I remain bullish on the altcoin market and believe that higher prices for the broader market are just a matter of time and project development.
-TradingEdge
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