Is the second quarter will be the new ALT SEASON?
Hey all!
Straight to the point. I have this new metric for you. Nothing crazy. It is just the ratio of the market cap of all alt coins, including the biggest alt coin ETH, to the total market cap of cryptocurrencies.
This weekly graph tells me 3 things:
1. We have tested 0.29 levels 4 times so far and held it. Therefore, it seems like a valid support.
2. We broke a descending triangle pattern to the upside and tested our support and bounced back up in January. We are currently going sideways around 0.38 levels. This is more likely to be a pause than a top. Why? See number 3.
3. All MAs (short (20), mid(50), and long(200) term) are restricted in a narrow range. What this tells me is that short and long term ratios of total2-to-total are around the same values. So, we have reduced volatility. Quiet before the storm?
When I combine those points with alt coin/BTC charts, I am more inclined toward to say that Q2 will be an alt season and a major one. Even if you look at alt coin/USDT charts, most of them are already at their 50-day MAs.
What do you think? Remember that these are definitely NOT a financial advice. I am sharing my ideas to get some valuable feedback from the community.
Have a great week!
Straight to the point. I have this new metric for you. Nothing crazy. It is just the ratio of the market cap of all alt coins, including the biggest alt coin ETH, to the total market cap of cryptocurrencies.
This weekly graph tells me 3 things:
1. We have tested 0.29 levels 4 times so far and held it. Therefore, it seems like a valid support.
2. We broke a descending triangle pattern to the upside and tested our support and bounced back up in January. We are currently going sideways around 0.38 levels. This is more likely to be a pause than a top. Why? See number 3.
3. All MAs (short (20), mid(50), and long(200) term) are restricted in a narrow range. What this tells me is that short and long term ratios of total2-to-total are around the same values. So, we have reduced volatility. Quiet before the storm?
When I combine those points with alt coin/BTC charts, I am more inclined toward to say that Q2 will be an alt season and a major one. Even if you look at alt coin/USDT charts, most of them are already at their 50-day MAs.
What do you think? Remember that these are definitely NOT a financial advice. I am sharing my ideas to get some valuable feedback from the community.
Have a great week!
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