bitcoin ethereum ripple crypto by WorldSpectrum via Pixabay
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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