This indicator could lead the altcoin market to a parabolic rally
The crypto market has been on a steady upward trend in the past six weeks as the cumulative rally has been fueled by Bitcoin's steady gains and the parabolic gains of many major altcoins.
Examples include the major cryptocurrencies like Tezos and Ethereum, both of which have seen massive gains in the past few days. Now, an indicator is flashing that flashed ahead of the previous parabolic upward trends in the crypto market, suggesting that markets will be on the verge of a in the coming months – similar movement could be.
Crypto market sees intense upward trend as analysts suspect further gains
It's no secret that 2020 is a great year for the crypto market , Bitcoin rose from a low of $ 6 800 to a high of over 10. 500 Dollar gave the markets an intense dynamic.
This upward trend has caused aggregate crypto market cap to skyrocket from an annual low of 185 billion dollars to their current size of over 300 million dollars has increased.
The fact that this rise came about through the simultaneous inflow of money into Bitcoin and Altcoins suggests that fresh capital is entering the markets and that a fundamental change in the market structure is taking place. Financial Survivalism, a prominent cryptanalyst on Twitter, recently said in a tweet that he expects altcoins to be boosted further due to the bullish patterns they have had recently.
Can’t help but salivate when looking at the Big W patterns that are taking shape in $ alts. Most haven’t confirmed yet but they are already very well defined.
First entry occurs with a close above point D. Second entry occurs with a close above point A. $ ETH $ LTC $ EOS 👀 pic.twitter.com/E6tlxBPuN1
– Financial Survivalism (@Sawcruhteez) February 12, 2020
A key factor that most traders are aware of is the fact that there is a golden cross 50 / 200 EMA gave on the aggregate crypto market cap, excluding Bitcoin. This formation preceded the Alt-Rallye in the year 2017, which indicates that a large one Movement could be imminent.
50 / 200 EMA Golden Cross on the total market cap excluding $ BTC
That OBV is insane. So much positive volume pouring into the alt market.
We break that yellow line and we're going back to 2017 and beyond .
Buckle up. pic.twitter.com/1uN4QfWh9m
– Josh McGruff (@JoshMcGruff) February 14, 2020
The coming hours and days should give some insight into the importance of this indicator, but it seems very likely that altcoins will soon explode higher as Bitcoin goes into a sideways trend.
Proof of text: newsbtc