In case you are not familiar:
TOTAL3 = Total crypto market cap - BTC and ETH market caps.
What I did in this chart is further subtract out the three major stable coin market caps.
TOTAL3 - (DAI USDT USDC market caps).
To be exact:
CRYPTOCAP:TOTAL3-CRYPTOCAP:DAI-CRYPTOCAP:USDT-CRYPTOCAP:USDC
Since their price is pegged to $1, they serve as a dampening effect to the chart. I remove them to get more of a true value for what TOTAL3 should be.
I then did an Elliott wave analysis. In addition, I set a fibonacci target of -0.236, although this is not a traded asset, but a aggregation of traded assets. So we'll see. It looks like alts will do one more wave down, then the bull run starts.
I am a CEWA level 1 Elliottician.
TOTAL3 = Total crypto market cap - BTC and ETH market caps.
What I did in this chart is further subtract out the three major stable coin market caps.
TOTAL3 - (DAI USDT USDC market caps).
To be exact:
CRYPTOCAP:TOTAL3-CRYPTOCAP:DAI-CRYPTOCAP:USDT-CRYPTOCAP:USDC
Since their price is pegged to $1, they serve as a dampening effect to the chart. I remove them to get more of a true value for what TOTAL3 should be.
I then did an Elliott wave analysis. In addition, I set a fibonacci target of -0.236, although this is not a traded asset, but a aggregation of traded assets. So we'll see. It looks like alts will do one more wave down, then the bull run starts.
I am a CEWA level 1 Elliottician.
Note
If the chart goes below the invalidation line, then this chart will be toast.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.