After months of waiting, the long awaited altseason may finally be showing some green shoots...
Looking at the monthly chart of the total crypto market cap, we can see some early signs of an altseason emerging.
We have the MACD curling up and starting to cross, which is something we haven't seen in a long time...
Something like 3.5 years ago to be precise...
(Source: https://www.tradingview.com/symbols/BTCUSD/)
A MACD cross combined with a big green candle is a strong indicator of a trend change, and in this case that trend change would be to a bull market in the total crypto market.
Altcoin investors would love to see a trend change after roughly 30 months of bear market action.
All it would take from the current levels is a bit of green on the screen for the next monthly candle and it will confirm that a trend change has indeed happened and signal that altseason/crypto season is finally here.
Keep in mind that this is a monthly chart, so seeing two red candles in a row would represent two whole months of negative price action and would not be out of the ordinary given the fact we are looking at a monthly chart here.
Also keep in mind that this is a chart of the entire crypto market cap and not just the altcoins. However, since the total market cap wouldn't go up if we saw value just move from altcoins to bitcoin, I think it's safe to use the total crypto cap as a barometer for altseason as well as crypto season.
However, if you want to just look at the altcoin market, the chart looks pretty similar with a bullish MACD crossing as well on the monthly:
(Source: https://www.tradingview.com/chart/?symbol=CRYPTOCAP%3ATOTAL2)
When you combine this chart setup with where we are in the halving cycle, it's hard not to be bullish about the entire crypto space.
We are currently 2 months removed from the most recent halving.
It took about 8 months from the previous halving (in 2016) before we saw a significant rally in the altcoin market, which may mean we have a few red monthly candles first before things get really exciting around here.
However, it does look like the trend is in the process of changing in the medium term from bearish to sideways to bullish.
Which would mean, no more lower lows, and most likely higher highs are on the way.
STEEM saw a really big rally in the spring of 2017 and if we extrapolate that same pattern out to the current cycle, it would put HIVE and the rest of the altcoins on pace to see a really big rally by the end of this year.
No guarantees it plays out exactly like that, but given everything going on globally, IE global money printing, I like our chances.
The fun is likely just beginning folks!
Stay informed my friends.
-Doc
Feels like it. I still have some liquid Steem, keep hoping Justin might pump it.
Yep, that is my hope as well. I would think that is the plan at some point...
Thanks a lot for sharing such an informative post Sir 😍😍
You got it.
Knowledge is power my friend. Thanks for sharing some of yours... :)
It's been a long time since we saw a true altseason. We are due.
This will be good for all of us..
Yes it most certainly would.
👍👍👍
Congratulations @jrcornel! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :
You can view your badges on your board And compare to others on the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Support the HiveBuzz project. Vote for our proposal!
Thanks.
You're very welcome @jrcornel 👍🙂 Great to see you motivated!
It would be highly appreciated if you could support our proposal so we can keep up the good work!
We have so many votes and yet so less power behind it, as most of the grateful people of this tools are newbies and little fish! Would be nice if you can give them a voice!
I use Peakd more, but I come over to Hive.blog just because your work is usually on the front page and I value your content -- thank you! Good to have that perspective on what happens in altcoin seasons, and to keep on working daily toward being well positioned ... gotta stay on the grind here!
I am glad you find it useful. Which topics do you enjoy the most?
We could have all-crypto rally starting in end of June 2020 till 2022. We can look for some good altcoins projects like VeChain, Tezos and MCO/CRO, even for Crypterium .
You forgot to mention HIVE...
Keeping my fingers crossed that these Indicators point to a Bull run. We sure have waited long enough
Yes we sure have. It's been close to 3.5 years since we were at this point...