Alt-Coin Market breaks out of Consolidatio
The current price of $BTC is $6532, with 24 hour volume leveling around 5.1 billion - a 25 day volume high!
$BTC continues to consolidate in the low tomid 6k’s and has found support once again. Based on the indicators the expectation is that the next major move will be up.
The Alt-coin total market cap is a strong indicator of market health . The Allt-coin total market cap was in a severe, falling wedge until it broke out and up around the middle of September.
Since then, volatility has lessened as the Alt-coin market developed a range between 93 billion and 100 billion USD (See Chart Below)
Now would be a good time to be loading up on alts since the break of the falling wedge occurred
In the past 48 hours, big caps such as $XRP and $BCH surged nearly 10%, which carried the rest of the market above 100 billion. This is a bullish signal for ALTS and gives us extreme confidence if the 100 billion level of resistance can turn into support, which it has thus far
As incremental gains and consolidation occur, the outlook for the remainder of 2018 is growing more bullish with each passing day .
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Awesome analysis, thanks for sharing!
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