Early Signs of an Alt Rally
ByteFolio Issue 224;
Bitcoin鈥檚 ByteTrend Score holds a 5. The 20-day min line has followed the rally from three weeks ago and sits at $77k. That means the bands are narrow again. This is nothing to worry about, but the score could fluctuate as a result. The key is that the moving averages are upward sloping and the price is above both.
Bitcoin Daily
The weekly chart still has a score of 4. Although the price briefly exceeded $80k, it has not held that level. The long-term uptrend resumes as soon as it does.
Bitcoin Weekly
The broad top 100 Crypto Index, MVDA 100, is starting to outperform Bitcoin with a score of 3 on the weekly chart. That index is 66.4% Bitcoin, 12.6% Ethereum, and 4.2% Binance, with the rest in the other alts.
MDVA in Bitcoin - Weekly
It has been a long time since the alts have been in front, and given the base formation over the past year, we should trust the chart.
Zooming in on the daily ByteTrend Score, MVDA has made a 5, reconfirming the signal from late August. I know this series is choppy, but the important thing is the slopes of the moving averages. Alts are starting to lead.
MDVA in Bitcoin - Daily
When these signals start to sing, you can either embrace them or ignore them. I vote for the former. If not now, then when?
