Rabbit Season...Duck Season...Rabbit Season...ALT Season
OTHERS - It has been a slippery slope throughout the crypto market and players continue to get bled out, and for good reason. But is there hope for an alt season?
I've decided take a deeper dive into more technical charts to try and find more clues that could suggest when and if that time will come. So, I've found that the BTC.D/TOTAL ratio chart is quite handy, and is one of my favorite charts in determining alt coin strength. Similar to USDT.D, it moves in inverse correlation to the market but with less noise. It also has a unique ability to distinguish between market distribution and accumulation, being that when significant market accumulation starts, there are drops to the down side in the BTC.D/TOTAL chart. The chart also seems to mimic a Wyckoff Accumaltion schematic during market accumulation events, but only to eventually print to the down side when significant support is broke, instead of a traditional rally up after accumulation.
In the published chart, you can see where our last significant support structure was broke, only to be regained by the recent shenanigans. According to previous cycles, it is inside this area where alts start to dominate more of the market. I have OTHERS layered with the maroon line graph.
A snap shot of accumulation before the 2018 Bull Market top: As the major support structure is broken, it gets exciting for alts as OTHERS creates a new high. 👇👇👇
Taking a look at accumulation before the 2021 Bull Market top: The support structures show their significance as OTHERS prints rally's to the upside. 👇👇👇
So, now we have been bumping into that same area of support (Selling Climax Support) this cycle since August and printing a descending wedge, which is generally considered a cause building event for a bullish move.It's possible that a retest of the upper supply line is in the MM playbook. It's also possible that there could be resistance up higher or further down. On a smaller time frame, there is a potential bullish pennant printing, we wouldn't know until or if a higher low is printed.
With this analysis in mind, we are close to a critical moment in crypto where the bulls have historically showed strength and reclaimed dominance in the market. It could be weeks or months, but this TA suggests that the moment is soon to come.
Good Luck Traders!
-Not Financial Advice-
source https://www.tradingview.com/chart/BTC.D/Ovj186Bm-Rabbit-Season-Duck-Season-Rabbit-Season-ALT-Season/
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