Altseason is now imminent as crypto markets prepare for a “big move”: Glassnode founder
The co-founders of crypto analytics firm Glassnode believe altcoins are preparing for a massive uptrend.
Glassnode co-founders Jan Happel and Yann Allemann, who are on the social media platform.
“1-2-3-4-5 EUPHORIA!
The crypto market is facing major changes.
Chart of the crypto market minus BTC and ETH.
We have seen the first three phases. Acceleration awaits you now.
A detailed analysis can be found in the table below.”
Source: Negentropic/X
The analysts' chart suggests that the (MACD) indicator, traditionally used to detect trend reversals and confirm trends, and the Relative Strength Index (RSI), intended to measure momentum, are flashing bullish on the weekly time frame .
Analysts also say the U.S. Dollar Index (DXY), a measure of the value of the U.S. dollar against a basket of six major currencies, is in a downtrend that often coincides with an uptrend for risky assets like Bitcoin.
In addition, they say that the possible approval of a BTC exchange-traded fund (ETF) for the spot market in early January is another positive argument for the crypto markets.
“Christmas countdown: DXY and ETF insights in 14 days!
Introduction: In the short term the weather may be choppy, with a risk/reward ratio of -8%/+8% from current levels, but there is confidence in the medium term.
The ETF approval window is approaching in 14 days, DXY is in a downtrend and stocks are on an uptrend.
Macro headwinds in 2023 are turning into tailwinds and the Santa Claus rally could hold more surprises.”
Source: Negentropic/X
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