Altcoin Market - Compression Phase

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Quick Altcoin update:

The Altcoin market is still in a compression phase, broadly speaking the market is range bound between 37 Billion and 117 Billion, this echos the prior period of consolidation prior to the 2016 bull market.

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As you can see there is also clear compression present in the Keltner/ Bollinger setup.

Consolidation pattern prior to 2016 bull market

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Current consolidation pattern

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Furthermore the RSI reading is consistent with the consolidation thesis, barring a sudden drop outside of the trading range.

Despite the recent selloff (and subsequent bounce) I remain bullish on the altcoin market and believe that higher prices for the broader market are just a matter of time and project development.


-TradingEdge

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