First Mover Americas: Altcoins’ ‘Head-and-Shoulders’ Case

First Mover Americas: Altcoins' 'Head-and-Shoulders' Case

Latest Prices

Top Stories

A bullish inverse head-and-shoulders price pattern is building in the combined market capitalization of altcoins. Altcoins are cryptocurrencies other than bitcoin, ether, and top stablecoins. This pattern, known as “alt season,” suggests that alternative cryptocurrencies may outperform bitcoin and ether. Technical analysis by Josh Olszewicz, a crypto trader and former researcher at Valkyrie Investments, reveals the potential completion of this pattern by analyzing the charts of altcoins, excluding ether and prominent stablecoins.

The inverse head-and-shoulders pattern, one of the most trusted bullish technical analysis patterns in the market, forms when an asset experiences three price troughs, with the middle one being the lowest. A breakout or a bearish-to-bullish trend change is confirmed once prices rise above the trendline (neckline), connecting the peaks between the lows.

Crypto exchange Bittrex has settled charges of offering U.S investors access to unregistered securities, agreeing to pay a $24 million fine within two months of filing a liquidation plan for the exchange. The Securities and Exchange Commission (SEC) sued Bittrex, which filed for bankruptcy in May, earlier this year, for operating a securities exchange, broker, and clearinghouse without proper registration. Similar charges have been brought against crypto exchanges Coinbase and Binance.US by the SEC. The SEC further alleged that Bittrex directed crypto issuers to delete public statements that could suggest their tokens might violate securities laws.

• Binance seeks Taiwan AML compliance: Report.
• Altcoin Season’ is approaching, according to technical analysis.
• US CPI Inflation at 3.2%, Markets React Positively

Inflows to Coinbase’s new Base blockchain fell short of expectations on its official launch day. Just over $10 million was transferred to the new blockchain in the past 24 hours, with only 15,000 new users and 40% fewer transactions compared to the previous day. The majority of transfers consisted of $5.6 million in ether, $2.3 million in USD coin (USDC), and the rest in various alternative cryptocurrencies. Wallet analysis reveals that most Base users transferred between $500 to $1,000 worth of ether on average.

Chart of the Day

• The chart shows the average yield on 100 of the largest money-market funds has jumped to over 5%, reaching its highest level since 2007.
• The attractive yield offered by these cash-equivalents means that macro traders have less incentive to add exposure to risky assets like tech stocks and cryptocurrencies.

Trending Posts

• XRP’s Market Cap Momentarily Zoomed to Trillions of Dollars on Gemini
• Shiba Inu Bucks Bitcoin Snoozefest Ahead of Shibarium Deployment
• Metaverse Platform Sandbox Transferred Out 60M SAND Ahead of Monday’s $133M Token Unlock

Edited by Mark Nacinovich.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!