Series of Indicators All Setting Up for Altcoin Explosion and New Bitcoin All-Time High, Says Popular Analyst
A popular crypto analyst says that multiple indicators are suggesting that digital asset markets are gearing up for a rapid expansion to the upside.
The pseudonymous analyst known as TechDev tells his 408,000 Twitter followers that before each one of Bitcoin’s (BTC) run to all-time highs (ATHs), the Chinese 10-year note bottomed out and the moving average convergence divergence (MACD) indicator crossed bullish.
The MACD is a technical indicator designed to signal a possible reversal in trend.
Says TechDev,
“This happened before every ATH-setting Bitcoin move.”
TechDev also says that the altcoin market is setting up for a big run based on historical patterns.
The analyst looks at the total crypto market cap excluding Bitcoin and identifies periods of downward price action (correction), sideways movement (accumulation) and price rallies (markup).
According to the analyst, altcoins are now in the “markup” phase, poised for higher prices.
“Update:
Correction –> Accumulation –> Markup”
TechDev also compares the altcoin market cap against four other charts. He includes the Bitcoin dominance chart (BTC.D), which compares the market cap of Bitcoin to that of the rest of the crypto markets and the dollar index (DXY), which pits the dollar against a basket of other major currencies. Also included are the charts of the Chinese 10-year note against the DXY (CN10Y/DXY) and the Litecoin versus Bitcoin (LTC/BTC) pair.
According to TechDev, all charts appear to be following their market structures between 2016 and 2018, suggesting that multiple metrics are aligning to signal an explosion in the altcoin markets.
“Sometimes patience is all you need.”
Looking at the Bitcoin dominance chart, TechDev appears to predict a massive breakdown for BTC.D, similar to what happened between 2016 and 2018. A bearish BTC.D chart indicates that altcoins are growing faster in value than BTC.
For the DXY, the analyst suggests that the dollar index appears to have topped out, indicating that investors are starting to make their capital work in risk assets such as crypto.
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Author: Daily Hodl Staff
