The ETHBTC pair is breaking back above the channel resistance line, confirming that support is in place, at least for now, so we can expect a minimum three-wave A/1-B/2-C/3 rally.Â
At the same time, the BTC.D/OTHERS.D ratio remains in a corrective abc structure and could be approaching the completion of its projected wave 4. A confirmed decline in wave 5 would likely support further altcoin outperformance relative to Bitcoin.
Now that Bitcoin is recovering, some altcoins may experience a stronger rally. However, before we can start talking about a true altseason, we first need to see a more significant recovery in Bitcoin.
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