Altcoins $TOTAL3 (adjusted for $USDT) relative to $BTC took 1092 days from local high to local low in the last cycle In the current cycle, exactly 1092 will have passed since the last high in the coming week If history repeats itself exactly, it would be perfectly timed if the bottom for altcoins relative to $BTC is reached again in this cycle in the next few weeks Coinciding with the first interest rate cut by the FED, preferably accompanied by a possible final capitulation Of course, there is no guarantee for anything
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Analysis of Altcoins Market Cap ($TOTAL2) using Fibonacci Retracements The market capitalization of altcoins, excluding $BTC ($TOTAL2), has recently approached a significant Fibonacci retracement level - Current Cycle: On August 5, 2024, the $TOTAL2 market cap briefly touched the 0.236 Fibonacci retracement level, marking a point from the last high to the last low (chart above) - Historical Comparison: Interestingly, this retracement level was also touched exactly four years ago on August 3, 2020, albeit from a different trajectory (chart below) From this perspective, we are currently at exactly the same point as in the last cycle Hopefully the further development from the last cycle will also be repeated this time for alts 🙏
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$ETH is currently trying to break out of a falling wedge on log scale in relation to $BTC A successful breakout would indicate that ETHBTC will not see any new lows in this cycle A good sign is that the RSI has already broken out of the wedge, so momentum is there
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