An analyst who continues to build a following with timely crypto market visits believes the stage has been set for altcoins to witness a major upside burst.
The pseudonymous analyst TechDev tells his 461,900 followers on the social media platform
According to the analyst, OTHERS seems to reflect the setup of 2017, just before the altcoin market witnessed a parabolic wave.
“Accumulation -> Markup -> Expansion…
Not a single bearish idea I’ve seen passes the early 2017 backtest. Every idea is a gamble. I suggest not stating them as fact without backtesting a quick left scroll.”
Looking at the trader’s chart he seems to suggest that OTHERS are preparing for an expansion phase similar to what happened about seven years ago after respecting the Fibonacci level of 0.382. The chart also suggests that the relative strength index (RSI) momentum indicator is about to print a bullish higher low at its diagonal support.
To support its bullish stance on altcoins, TechDev looks at the Bitcoin dominance (BTC.D) index, which tracks how much of the total crypto market capitalization belongs to BTC. The analyst shares a chart suggesting that BTC.D is about to continue a downtrend as there is a bearish divergence, indicating that Bitcoin is losing momentum against altcoins.
A bearish BTC.D implies that altcoins are poised to outperform Bitcoin.
Says TechDev,
“The crypto market in two graphs.
BTC is bullishly consolidating at its previous all-time high.
There is a huge altseason ahead.”
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