I've got some requests about my thoughts about altcoins. Here you are. I don't like to many words so if you have questions leave a comment below.
Right in front of you the daily chart of the total marketcap excluding BTC.
This is why I'm bullish on alts
1. Last period we're seeing the chart is drawing a bullish wedge as pattern, and I like the shape of it. Outcome is mostly (70/30) upwards. 2. There is a bullish divergence on RSI. What means: the value on the chart decreases while the RSI rises. It means there is a reversal in price (upwards) coming.
A bullish pattern is nice but when there is a confirmation on the RSI of that outcome that's a great signal.
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Commento
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my view on litecoin, check the idea
Commento
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no big changes yet for the total market cap excluding btc. Still in de bullish wedge
agreed most of the alts all showing signs after they break from the triangle, early to mid september id say huge price rise on alot of alts, most have bottomed from how it looks and now it looks like the path upwards, there definetly not forgotten in this ;)
VanBenno
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@bennywayhard92, Descending Wedge is classically a bearish indicator. Does that change your perspective? Looks like a lot of people are getting descending triangles confused with symmetrical ones around here.
You know that wedge is bearish, right? Descending Triangles are /always/ bearish. They're a sign of a bearish reversal. You should probably go read about it.