TOTAL2/BTC: The Altcoin Bull Could Get VERY Wild 🚀 for CRYPTOCAP:TOTAL2 by dRends35

I’ve been away for the last month because I got banned and so i’ll have to learn to save banter for other websites.

This has only affected my TradingView content.

TOTAL2/BTC is a really great chart for identifying the altcoin market cycle.

And while I was away, a very key candle has printed on this chart.

The chart is Bitcoin against TOTAL2. So it is Bitcoin against every altcoin.

This allows us to see the ebb & flow of Bitcoin and Altcoins.

I think that you really have to have a sense of humour to appreciate what is happening here.

In terms of macro market sentiment, we’re just taking first baby steps away from the recession narrative with many fundamental based traders were hoping that the catastrophic crash that Schiff, Prechter etc have been pipe dreaming for most of my life without success.

Bond yields have been very high (which I will cover in a new thread soon), rising inflation leading to many rate hikes, and traders have been clinging to charts such as the Inverted Yield Curve that is touted as a recession indicator touted as an accurate recession indicator by many Gurus.

All of which was supposed to be very bearish for asset markets.

But yet, under unwitting noses the crypto bull market has been sprouting and what I’m showing you here indicates that it is not only coming into full blossom, but that a very impulsive bullish wave is now underway.

On the highest time frame, something very exciting appears to be happening.

A long term three wave correction appears to have completed spanning back to the 2018 cycle end.

And the correction is very shallow; especially the third wave that has only retraced to log 0.382; which is a very bullish ratio for continuation.

Interestingly, the last altcoin bull market against Bitcoin began all the way back in 2015 where altcoins pumped a whopping 29539% against Bitcoin that itself pumped 12125% by cycle end.

Now if we come down to a lower time frame of TOTAL2/BTC we can see that a very bullish Dragonfly Doji has printed plumb on the 0.382 retracement of the 2021 uptrend.

We can think of the previous uptrend as a bull market but remember that it may in fact be a shallow correction wave relative to the overall trend.

This Dragonfly Doji contains high volatility whipsaw and it is a shakeout pattern that has formed a pivot that we tend to see at market extremities.

And we can also see this candle expressed inversely as a Gravestone Doji on the Bitcoin Dominance chart:

Following the Gravestone Doji BTC.D is looking bearish; having fallen through the Demand Lines.

Now again considering TOTAL2/BTC, its incredible to imagine that with all the enormous individual altcoin bull markets that happened in 2021, that they may in fact be part of a larger correction wave that would become a continuation pattern for a much larger and more impulsive uptrend…

But that does appear to be what is happening.

And this impulsive trend has begun only in the last few weeks.

It will be the first highest time frame impulse wave since the 2016 altcoin bull market.

2024 may be extremely wild .

Not advice.