18.06.21 Technical analysis of Altcoin Index – are alts waiting for the summer holidays of consolidation?
2 min readToday’s analysis will be about altcoins, specifically we will focus on the Altcoin Index, where we already have a visible structure that can tell us that party consolidation will last until the beginning of the summer holidays. The beginning of the summer holidays is usually more volatile, so it cannot be ruled out that a more decisive movement will not come until July.
Current situation at 1D TF Altcoin Index (futures)
As for the altcoin index, the exchange rate still sticks to side consolidation with gradually declining volatility. In addition, the price oscillates around balance (POC) of the entire descending structure. Therefore, the market is still preparing to move and according to the drawn pattern, we will probably wait until July. So, as I said in BTC analyzes, the Altcoin Index probably won’t break through sooner.
Which, of course, we don’t know for sure – we’re just based on what the chart offers us. In any case, the index respects the S / R level of 3,800 points, although sometimes there is a slight overlap. Volumes they are very low overall, with the exception of June 13, when there was a one-off spike.
If we focus on the drawn pattern, or symmetrical triangle, space in the department is until about July 6. Unfortunately, we have a party trading zone on BTC, so we have no guidance at all from our king that can advise us on how long the market can continue to party consolidation. However, if we are to start from our triangle, the breakthrough should come by the first week of July.
Indicators
The daily RSI is still grounded – it now shows about 43 points. It is quite important for us to be able to test the plotted resistance diagonal. Which indeed corresponds to testing the upper wall of the triangle with a course. He has a positive momentum on the MACD, but he has no strength at all.
In conclusion
Unfortunately, Altcoin Index indicate that the whole of June will remain sideway. BTC simply doesn’t look like a break, and neither do today’s analyzed indexes. What is certain, however, is that the non-trend movement cannot last forever, and therefore a stronger impulse should come in July. But be careful here, I’m not saying that the breakthrough can’t happen at the end of June. But from what the chart offers us, it doesn’t look like that at the moment.
ATTENTION: No data in the article is an investment board. Before you invest, do your own research and analysis, you always trade only at your own risk. Cryptheory team strongly recommends individual risk considerations!
