Been tracking the TOTAL3 chart (total crypto market cap excluding BTC and ETH), and there’s a structural setup forming that looks very familiar.
TLDR:
Altcoin market is following a similar consolidation pattern to the mid-2024 breakout setup
Key technicals: 200 EMA, RSI base, BBWP compression, Fib structure – are all aligned
Early J
Looks great.
Why we usd TATOL3 as a metric instead of TOTAL or TOTAL2 ?
TLDR: I find TOTAL3 more useful to better track rotation and sentiment in the rest of the market.
TOTAL includes everything (BTC, ETH, alts), and TOTAL2 excludes BTC but still includes ETH, which behaves more like a macro asset now (highly correlated to BTC and ETFs, not always reflective of the altcoin cycle)
TOTAL3 gives a cleaner read on altcoin-specific sentiment and structure, especially for identifying rotation setups (removes the BTC/ETH weight and focuses on what the rest of the market is doing beneath the surface)