- Crypto Tony recently shared an update for his altcoin market analysis.
- The trader noted that ETH/BTC reaching 0.071 will confirm the alt market breakout.
- At press time, BTC’s market dominance was down 0.04% according to CoinMarketCap.
Crypto Tony, a well-known crypto trader and analyst, recently shared an update on his altcoin market analysis. He highlighted a specific supply zone of 0.071 BTC on the ETH/BTC chart that could indicate a bullish breakout for altcoins. Should the ratio reach this zone, it would suggest that the recent movement in altcoins may indeed be a significant breakout.
The trader added that he is bullish on altcoins for the next few months, and believes that many altcoins’ prices will pump until around August or September of this year. He did, however, warn that after this pump, altcoin prices will drop once again.
The daily chart for ETH/BTC showed that the 20-day EMA line had crossed bullishly above the 50-day and 100-day EMA lines over the past few days. This suggested that ETH/BTC had entered into a medium-term bullish cycle.
Another key technical flag that traders and investors will want to keep an eye on is the 50-day EMA line, which was looking to cross above the 100-day EMA line. Should this happen, it will trigger a significant bullish flag which may result in ETH/BTC reaching the 0.071 BTC supply zone that Crypto Tony highlighted in his tweet.
At press time, CoinMarketCap indicated that BTC’s price stood at $27,084.69 following a 0.40% drop in price over the past 24 hours. This negative daily performance had also pushed the market leader’s weekly performance further into the red to -0.47%. During this time, BTC’s market dominance had also dropped 0.04% – taking the total to 45.90%.
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