Categories: Bitcoin Business

Crypto Trader Predicts Nearing Alt Season as Bitcoin Dominance Weakens

Click here to view original web page at

An alt season (altcoin season) is something that virtually all crypto traders look forward to. It is a time where all cryptocurrencies other than bitcoin exponentially grow in value. From large caps to small caps, these digital coins can rise anywhere by 2x to 100x. If you’re finding the previous statement difficult to believe, that’s likely because you were not around the last time these crypto tokens pumped.

A crypto trader who goes by the name Paddy stash on Twitter has a reason for that. In a series of tweets, the analyst revealed why there hasn’t been an alt season in nearly two years and why we’re due for one soon.

Total Altcoin Market Cap Following the Same Pattern for Over Half a Decade

One of the tenets of technical analysis is that history tends to repeat itself. What happened in the past is very likely to happen again. We’re seeing this principle play out in the chart of the total altcoin market cap thanks to Paddy Stash.

More #altcoin dominance talk.. history has repeated itself for 6 years in a row.. the chance of history repeating itself again is mathematically logical. $btc

— Paddy stash (@paddystash) July 13, 2019

According to the trader, the total market cap has been trading perfectly within an ascending channel. Since 2014, the altcoin index has bounced every single time it touched the diagonal support of the channel. It has also plunged every time it tapped the diagonal resistance of the channel. In a span of six years, the index has respected both the support and resistance levels of the ascending channel five times.

The trader emphasized that the total altcoin market cap is touching the diagonal support of the ascending channel. He feels confident that an alt season will happen soon because the index has followed the pattern five out of five times.

Weakening Bitcoin Dominance

Paddy stash validates his argument by illustrating how the bitcoin dominance index is showing signs of weakness. For those who are not aware, the index computes the market capitalization of bitcoin against the market cap of all cryptocurrencies. According to the analyst, the bitcoin dominance index getting rebuffed at 69 percent is an indication that the total altcoin market cap will be skyrocketing soon.

Might as well do another video this time giving some analysis on $BTC..this weakening action coincides perfectly with the Bitcoin Dominace getting rejected at 69%.and the reason why I think the altcoin dominace will begin increasing. #bitcoin

— Paddy stash (@paddystash) July 13, 2019

As of this writing, the bitcoin dominance index has dropped to 65.73 percent as bitcoin struggles to trade above $10,000 levels. A look at the index also shows bullish exhaustion. It is overbought in both the weekly and daily RSI. On top of that, the index is flashing a bearish divergence on the daily RSI to indicate weakening bullish momentum.

Overall, a Glorious Alt Season Is Upon Us

As the bitcoin dominance index shows weakness while the total altcoin market cap touches the diagonal support of its ascending channel, we now have a confluence of events where altcoins are due for a massive rally. That’s according to Paddy stash.

In another tweet, he shared a chart of the total altcoin market cap to show the two-year consolidation of altcoins.

It's been nearly a two-year consolidation. For altcoins. The longer the consolidation, usually the bigger the Breakout. I am so freaking excited after seeing this chart because I know the significance of it

— Paddy stash (@paddystash) July 13, 2019

Bottom Line

Trader Paddy stash is offering a convincing argument of how crypto tokens other than bitcoin are almost ready for blastoff. It is hard to deny that a bounce for altcoins is on the horizon considering that the diagonal support of the horizon has been respected multiple times. On top of that, bitcoin is starting to lose steam. It is very possible that people will transfer capital into other cryptocurrencies to protect their profits and overall crypto exposure.

Disclaimer: This article is intended for informational purposes only and should not be taken as investment advice.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Argo: New Agreement Signed to Expand Power Capacity by 357%

LONDON--(BUSINESS WIRE)-- Argo will also have an option to boost mining capacity by up to 1360 petahash (PH), or 1.36… Read More

56 mins ago

Legendary Investor Bashes ‘Psycho-Currency’ Bitcoin, Then Accidentally Makes Crypto Case

Mark Mobius, founding partner of Mobius Capital Partners claims bitcoin's emergence will further drive investors to gold. | Source: REUTERS/Francis… Read More

56 mins ago

Hitting This Key Area Could Trigger a Quick Bitcoin Price Boom

Bitcoin price is having a volatile week. | Source: Shutterstock By CCN Markets : Since August 15, in less than… Read More

56 mins ago

Online Blockchain Launches Cryptocurrency Subscription Service for New Coins and Tokens

- Innovative 'HODLbox' enables subscribers to exploit nascent cryptos - LONDON, Aug. 20, 2019 /PRNewswire/ -- Online Blockchain plc (… Read More

57 mins ago

Maharashtra to use blockchain technology to monitor services

Maharashtra , the second largest state in India, announced that they will be using blockchain technology in a wide variety… Read More

57 mins ago

People Who Want to Control Their Capital Buy Bitcoin, Says Circle CEO

Jeremy Allaire, CEO at cryptocurrency financial services company Circle, expressed his optimism in regards to Bitcoin ( BTC ) being… Read More

57 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More