Altcoins on the Brink of an Explosive 2017-Style Bull Run?
- The 3-week RSI mirrors pre-2017 breakout trends, suggesting an imminent rally in altcoins.
- Altcoin market consolidation in 2024 resembles the 2016 setup before the massive surge.
- Analysts expect a major price explosion once the RSI breaks through its downtrend.
The altcoin market shows signs of an impending surge reminiscent of the 2016-2017 bull run, as the RSI nears a critical breakout level. If this breakout happens, analysts foresee a massive rally, echoing historical patterns.
Key Market Phases and Indicators
The prediction comes after a detailed technical analysis of the total crypto market cap, excluding Bitcoin. The analysis highlights key market phases, particularly using Elliott Wave Theory and the Relative Strength Index (RSI). Elliott Wave Theory helps predict trends, while the RSI tracks price movements.
The analyst suggests we are currently in a consolidation phase similar to Wave 1 in 2016. In both 2016 and now, the market experienced an initial surge followed by a prolonged period of sideways trading. This historical similarity raises the possibility of a repeat performance, akin to the 2017 bull run.
Read also: Bitcoin’s Strength C…
The post Altcoins on the Brink of an Explosive 2017-Style Bull Run? appeared first on Coin Edition.
Read More
Optimism (OP) Price Drops 17% Weekly as Analysts Watch for Bullish Divergence
Altcoins on the Brink of an Explosive 2017-Style Bull Run?
- The 3-week RSI mirrors pre-2017 breakout trends, suggesting an imminent rally in altcoins.
- Altcoin market consolidation in 2024 resembles the 2016 setup before the massive surge.
- Analysts expect a major price explosion once the RSI breaks through its downtrend.
The altcoin market shows signs of an impending surge reminiscent of the 2016-2017 bull run, as the RSI nears a critical breakout level. If this breakout happens, analysts foresee a massive rally, echoing historical patterns.
Key Market Phases and Indicators
The prediction comes after a detailed technical analysis of the total crypto market cap, excluding Bitcoin. The analysis highlights key market phases, particularly using Elliott Wave Theory and the Relative Strength Index (RSI). Elliott Wave Theory helps predict trends, while the RSI tracks price movements.
The analyst suggests we are currently in a consolidation phase similar to Wave 1 in 2016. In both 2016 and now, the market experienced an initial surge followed by a prolonged period of sideways trading. This historical similarity raises the possibility of a repeat performance, akin to the 2017 bull run.
Read also: Bitcoin’s Strength C…
The post Altcoins on the Brink of an Explosive 2017-Style Bull Run? appeared first on Coin Edition.
Read More