Altcoin market looking bullishNote that I'm not a financial advisor, this is just my opinion and I am not recommending anyone to buy or sell. DYOR and don't just listen to an Explosive Cow.
I am bullish on the altcoin market (TOTAL2 is the market cap of all the altcoins), although at the moment I'm uncertain weather altcoins will outperform BTC.
The reasons I'm bullish are the following:
We have already had one cycle of the Elliot waves since March 2020 with and impulse wave from March 2020 to May 2021 and a corrective wave from May 2021 to June 2021. Now that the cycle has ended, we are starting a new cycle and could possibly entering wave 3 of the impulse wave.
The 9 weekly-EMA acts as support.
The MACD (blue line) is above the signal line (orange line).
We are not in overbought territory on the RSI, meaning there is room to grow
Higher highs and lower lows since July 2020
The only thing I'd note is that there is bearish divergence on the Histogram of the MACD since the past few weeks, but since it's only been 5 weeks, it's not a significant time. This is also the only negative indicator, so it doesn't pose a threat.
TP : My TP is the at the 1.618 Fibonacci level taking the March 2020 low and the May 2021 high, which would put it at 2.4T market cap (86% increase).
I put the wave 3 ending in January, but that is highly subjective, it could be 6 months or more from now or more
Note: I currently hold several altcoins at this point.
