Has Alt Season arrived?
With BTC climbing we are this time seeing much of the altcoin market overtaking it and BTC Dominance falling. But has altcoin season definitely arrived and a sustained bull market to come?
From a technical point of view I'd be reluctant to call it this until the total market cap at least breaks above the 0.236 line of the current cycle's high and low. We tapped this level in June last year when BTC reached 14k.
One bullish sign is that we have closed nicely above all key EMAs on the Weekly. However the RSI is reaching previous resistance and also the Stoch RSI looks like it could cross down in the next couple of weeks which is often a strong indicator. We may see plenty of cooling off even on the way to the .236 if we make it.
I think on balance of probabilities that we could continue to see some bullish price action for a couple of months at least until the Bitcoin halving in April/May. However whether altcoins outperform BTC in this time is harder to predict. I am treating this time as an opportunity to diversify risk but always measuring gains in BTC.
Always examine each opportunity on its own basis, look for sound entries and manage risk reward.
From a technical point of view I'd be reluctant to call it this until the total market cap at least breaks above the 0.236 line of the current cycle's high and low. We tapped this level in June last year when BTC reached 14k.
One bullish sign is that we have closed nicely above all key EMAs on the Weekly. However the RSI is reaching previous resistance and also the Stoch RSI looks like it could cross down in the next couple of weeks which is often a strong indicator. We may see plenty of cooling off even on the way to the .236 if we make it.
I think on balance of probabilities that we could continue to see some bullish price action for a couple of months at least until the Bitcoin halving in April/May. However whether altcoins outperform BTC in this time is harder to predict. I am treating this time as an opportunity to diversify risk but always measuring gains in BTC.
Always examine each opportunity on its own basis, look for sound entries and manage risk reward.
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