Crypto market update

BTC

BTC continues its own rally without a major retracement. That constant ascending channel scenario is the same behaviour we had from October until December of last year.

These kinds of movements allow the price to move up without creating major bear divergences, which is a very good and “healthy” sign.

For the moment, we have recalculated the new Golden Pocket (Yellow Box)  based on the last extension but it is temporary because it is quite probable that the movement has not finished yet.

Target levels are still the same, and we will add new levels on the next market updates if we see that the bull run continues.

BTC Dominance

Dominance has arrived at the purple box.

That is the zone that we were talking about a few weeks ago, and a very important level to look at.In the last cycles, that was the place where Dominance flipped but at this moment and looking that BTC is at the break-out level, it looks like that time that level will be broken.

In the big picture, it is not creating any major resistance, so it will keep bringing momentum to BTC.
That said, we could expect at least some days of consolidation to bring a bit of oxygen to altcoins. The 50-54% zone is the next probable resistances to look at during November and December.

ETH

ETH is following BTC but is underperforming because we are not in an Alt season but in BTC season and the dominance is still going up.

That said, ETH is still in a nice ascending channel and at this moment is creating a daily bear divergence because it has arrived to a diagonal resistance previous to the new All-Time High. Golden Pocket (Yellow Box) and previous support of the main channel would be places where the price could retrace in case of BTC does a shake-out.

TOTAL MARKET CAP INDEX

The TOTAL index is following BTC, and we are at the orange box, which is also coincident with the All-Time High levels.

It looks ready for a break-out during the next weeks, which will demonstrate momentum on the crypto market. Not too much to say, rather than it is basically on a nice bull trend.

ALTCOIN MARKET INDEX

Looking at the Altcoin market index, we can see how we are going a bit behind the previous chart of the total market cap.

That’s the demonstration that we are not yet on an alt season, but we are on a good uptrend 

CONCLUSION

As we said in the last market update, it is important to know the moment of the cycle where we are and act according to it.

At this moment, best returns on crypto are allocating capital on BTC.

At the moment that we see dominance topping and retracing and at the same time the ETHBTC chart starts to look better, will be the best moment to be positioned on altcoins as the altcoin season will begin.

That said, current levels are starting to look good to accumulate alts if we are patient and assume the possibility of major dumps before the season begins.