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Bitcoin (BTC) is bouncing after a confirmation of the major $69,000 horizontal support. Is this the last chance to get into altcoins before crypto potentially explodes? Strong recovery for $BTC When the stock market took a bit of a battering on Thursday, the follow-through into Bitcoin and the crypto market sent prices plummeting for a short window of time. However, Friday is witnessing a strong recovery so far from $BTC, and the all-time high is not that far away. With this in mind, could this be one of the last opportunities to get into the top-performing altcoins? Total3 triangle breakout soon Source: TradingView The Total3 chart shows the price action for the combined market capitalisation of all cryptocurrencies, excepting $BTC and $ETH. It can be observed that the altcoin market cap has broken out of its long-time bull flag to the upside, and has confirmed the breakout.  There is still the issue of a series of lower highs, but at the same time, there is a strong series of higher lows, which is forcing the price into the apex of a triangle which is likely to break soon. The market cap is currently at a very strong support level, bolstered by the bottom trendline of the triangle. Therefore, a bounce from here might be more likely than not.  U.S. Dollar Index potential rejection Source: TradingView The strength of the U.S. dollar will always have a say in the crypto market, and currently the U.S. Dollar Index (DXY) has been on a bit of a tear. Over the last few weeks the dollar has gained against a basket of other major fiat currencies.  However, the DXY reached the descending trendline and looks as though it may be rejected from here. Into the bargain a descending triangle is forming. If the Dollar…

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Filed under: News - @ November 1, 2024 1:26 pm