The Altcoin Apocalypse: Will it Rise from the Ashes?

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🚀 The Altcoin Apocalypse: Will it Rise from the Ashes? 🤔

The Altcoin Apocalypse: Will it Rise from the Ashes?

Oh, dear altcoin enthusiasts, how the mighty have fallen! 🤦‍♂️ Eleven long weeks of despair, and some of you may be thinking, “Mon dieu! Is this the end of our beloved altcoins? 😱 Has the world moved on to the almighty Bitcoin, leaving us to rot in the dust?” 😂 Fear not, dear friends, for a reset is upon us! 🔄 Could this be the calm before the storm, the precursor to a surge that will make your head spin? 🤯

Top of previous bull flag confirmed 📈

Behold, the Total3 chart, a majestic representation of the combined market capitalisation of all cryptocurrencies, minus those two giants, $BTC and $ETH. 🤝 And what do we see? A long price wick down, almost, but not quite, tagging the 0.618 Fibonacci. But fear not, dear friends, for it has confirmed the top of the bull flag that stretched from March to September 2024. And now, the question on everyone’s lips: could the recent price action be forming a bull flag of its own? 🤔

Stochastic RSI is signalling the arrival of major upside price momentum 🚀

Cast your eyes upon the bottom of the chart, dear friends, and behold the Stochastic RSI, approaching the bottom, and already firmly entrenched in the oversold area. 📉 And if you dare to gaze upon the charts of most cryptocurrencies, you shall see that this bottoming of the indicators on the weekly Stochastic RSI is a phenomenon that is currently sweeping the land. 🌪️

Now, we all know that the weekly time frame is a long-term perspective, and thus, it holds great relevance for the big macro moves. 🤓 And these cross-ups of the indicators, they only occur about twice a year, so buying when the indicators are at the bottom is not a strategy for the faint of heart, n’est-ce pas? 😏

But fear not, dear friends, for even if the indicators were to flatline and chop around at the bottom for a while, it would only give the 2-week Stochastic RSI more time to reach the bottom. And then, oh joy! The 2-week and the weekly Stochastic RSIs would combine to unleash a massive amount of upside price momentum, a true force of nature! 🌪️

$ETH tags major support and heads into major resistance 🚧

And now, dear friends, let us turn our attention to the majestic $ETH, the largest cryptocurrency outside of $BTC. 🤝 Just as in the Total3 chart, a huge price wick down was able to touch and reconfirm major support. 🙌 And now, the $ETH price has entered the band of resistance stretching from $2,750 up to $3,000. 🚧

And if we dare to gaze upon the Stochastic RSI, we shall see that the blue indicator line is already angled up, and a crossover could be confirmed at the end of this week. 📆 And if the $ETH bulls can break through the resistance, and also the descending trendline, they may just find themselves on a path to a higher high, with the prize of a new all-time high at $4,865 a definite possibility as a longer-term target. 🏆

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2025-02-21 15:37