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Altcoin Market Analysis: Tonight determines 55% Drop or 16% Reversal of Fortunes


We saw a bounce on the 25th of November falling a free fall of 55% wiped from the value of the total alt coin market cap and 55 Billion wiped off the total market value.

Tonight, the 6th December, we will see the direction that the alt coin market chooses to take, a bounce off the previous support area of the 25th November would indicate that we will have a temporary reversal and an average of 7% increases to altcoins like we previously did or a cumulative 18% over two days.

It must be noted the following:

  • Higher time frames illustrate that sell side support is heavily in favour, we may make a clean-break of the support area.
  • HTF illustrates that RSI stochastic is heavily overbrought and a further dump is incoming.
  • A close below the support area printed on the 25th November would see a further 17% wiped off the value of the Altcoin Market with a clean break of that level would see a further 55% wiped off the value.
  • Accumulation or purchases of Altcoins temporarily peaked on the 8th November – it is more than unlikely we will see that area for a period of time.

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