Technical Indicators
According to crypto analysts Jan Happel and Yann Allemann, altcoins are on the brink of a significant upward move. The analysts observed that the total market cap of altcoins (excluding Bitcoin, Ethereum, and stablecoins) has shown signs of bottoming out.
Momentum Oscillators
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators suggest that the altcoin market is ready for a bullish rally. Both indicators have potentially reached their lowest points.
Bitcoin’s Role
Bitcoin has recently regained some ground, breaking out of a downward trend. This positive momentum is expected to benefit altcoins as well.
Pennant Pattern
The analysts believe that Bitcoin is still within a pennant pattern, indicating a potential breakout to the upside. They note that last week’s candle formation was a bullish reversal signal, suggesting that a correction is underway before a further upward move.
Trading at Time of Writing
At the time of writing, Bitcoin is trading at $61,038.
Disclaimer
This information is not investment advice. Investors should conduct their own research before making any investments.
