Altcoin
Massive Altseason on the Horizon as Altcoins Prepare for a 2017-Style Expansion, According to Analyst
An analyst who continues to build a following with timely predictions on the cryptocurrency market believes the stage is set for altcoins to witness a major upward surge.
Pseudonymous analyst TechDev tells his 461,900 followers on social media platform
According to the analyst, OTHERS appears to mirror the setup of 2017, just before the altcoin market witnessed a parabolic surge.
“Accumulation –>Markup –> Expansion…
No bearish idea I have seen has passed the backtest in early 2017. Every idea is a guess. I suggest not declaring them as fact without backtesting with a quick swipe left.
Source: Technical development/X
Looking at the trader’s chart, it seems to suggest that OTHERS is preparing for an expansion phase similar to what happened about seven years ago after referencing the 0.382 Fibonacci level. The chart also suggests that the Relative Strength Index (RSI) momentum indicator is about to print a bullish low at its diagonal support.
To support its bullish stance on altcoins, TechDev looks at the Bitcoin Dominance Index (BTC.D), which tracks how much of the total cryptocurrency market cap belongs to Bitcoin. The analyst shares a chart suggesting that BTC.D is about to embark on a downtrend while showing a bearish divergence, indicating that Bitcoin is losing momentum against altcoins.
A bearish BTC.D implies that altcoins are about to outperform Bitcoin.
Says TechDev,
“The cryptocurrency market in two graphs.
BTC is consolidating bullishly from its previous all-time high.
As a massive peak season is on the horizon.
Source: Technical development/X
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