The current price chart of the total cryptocurrency market cap, excluding Bitcoin and Ethereum, is indicating that the accumulation phase may be coming to an end, potentially signaling the end of the opportunity to buy cheap altcoins. Assets like Solana have been performing well despite suppressed prices in the crypto market, indicating a possible rally for the rest of the market. The TOTAL3 chart on TradingView shows similarities with a Wyckoff accumulation schematic, suggesting that the mark up phase where prices soar higher could be approaching.
The Wyckoff Method, developed by Richard Wyckoff in the early 1900s, identifies various phases in a market cycle, including accumulation and mark up. According to Wyckoff, the market is controlled by a group of large players known as “The Composite Man,” who work to suppress prices at lows in order to buy assets at the cheapest prices possible. Once enough positions are taken, prices are driven higher during the mark up phase. The resemblance of altcoins to the Wyckoff accumulation schematic suggests that the mark up phase could start soon, potentially ending the opportunity to buy altcoins at low prices.
If traders miss the chance to buy cheap altcoins during the accumulation phase, the Wyckoff Method indicates that the market will enter the distribution and mark down phases. During distribution, large entities keep prices above resistance to distribute at the highest price possible, followed by a downtrend in the mark down phase once demand is exhausted. This cycle eventually leads back to accumulation, creating opportunities for traders to buy at low prices once again.
The TOTAL3 chart on TradingView and the resemblance to the Wyckoff accumulation schematic suggest that the crypto market is on the verge of a potential rally, with prices expected to soar higher during the mark up phase. Traders looking to capitalize on the opportunity to buy cheap altcoins may need to act soon before the prices increase significantly. Understanding the Wyckoff Method and its phases can help traders navigate the market cycles and make informed decisions about when to buy and sell assets.
In conclusion, the current price chart of the total cryptocurrency market cap minus Bitcoin and Ethereum indicates that the accumulation phase may be ending soon, signaling a potential rally for the rest of the crypto market. The resemblance to the Wyckoff accumulation schematic suggests that the mark up phase, where prices soar higher, could be imminent. Traders should be aware of the Wyckoff Method and its phases to anticipate market movements and make strategic decisions about buying and selling altcoins. Act quickly to take advantage of the opportunity to buy cheap altcoins before prices increase significantly.
