Altcoin Season Begins?🚨Technical Analysis w/ @TheTradingParrot

11/25/24 •

Summaries by topic

• English

Increased liquidity in the markets and rising risk tolerance suggest a potential altcoin season. Bitcoin's price may experience a pullback before another attempt at $100K, while Ethereum and Avalanche show potential for strong growth. Altcoin season could be driven by various factors, including meme coins, ETFs, and regulatory changes.

Macroeconomic factors & Altcoin season

• 00:01:01 Investors are increasingly pouring money into US equities, with stock inflows reaching a record high, and foreign participation in US markets also hitting a new record, suggesting increased risk tolerance. This rise in liquidity and risk tolerance could potentially lead to an altcoin season, where altcoins experience significant price increases.

Bitcoin price prediction

• 00:03:34 Bitcoin is currently facing a battle near the $100K mark, with a significant selling wall that has been influencing a pullback. There's a megaphone pattern in the charts, potentially suggesting a second attempt at breaking $100K after a potential cool-down in the RSI and deeper pullback. However, the selling wall is decreasing, and black rock's actions are being watched closely, as they could influence the price.

Ethereum price prediction

• 00:09:07 Ethereum is following a similar pattern to the previous bull market, with a breakout, retest, and now entering into the $1600s. The price is approaching a confluence of resistance near $3,700, and a breakout here would be positive for altcoins. Based on the Fibonacci extension, targets for Ethereum are around $8,441 and, more aggressively, $10,300.

Avalanche price prediction

• 00:12:29 Avalanche's weekly RSI shows a breakout, retest, and entry into the 63s, indicating significant upside potential. Based on Fibonacci extensions, targets for Avalanche are around $100 and could potentially reach $247 to $300. This could make Avalanche one of the hottest altcoins in the upcoming altcoin season.

XRP & Meme coins

• 00:14:46 XRP's weekly chart shows it's close to the maximum RSI ever recorded, potentially leading to a large correction before a breakout to a new all-time high. With an XRP ETF potentially coming, along with positive regulatory shifts, the price could reach $3.3 to $4. Meme coins are gaining traction in the XRP ecosystem, with WHIFF being listed by Robinhood, potentially leading to a short squeeze.