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Home Cryptocurrency news

Crypto Confusion: Long-Legged Doji Across Altcoin Market Hints At Trend Change

Tony Spilotro by Tony Spilotro
9 months ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
crypto altcoin confusion
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The altcoin market continues to vastly underperform against Bitcoin, however, the candle close last night on monthly and weekly timeframes hints at widespread investor confusion over what happens next across the crypto asset class.

Indecision Evident On Total Altcoin Market Trading Against Bitcoin

Over the weekend, altcoins showed strong performance against Bitcoin. Ethereum closed the daily recently with an over 10% return, while Bitcoin fell far behind.

However, altcoins like Ethereum and countless others are still so far behind Bitcoin. Altcoins that fell just as hard as Bitcoin from all-time high prices have recovered nowhere nearly as much.

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Altcoins haven’t even recovered as well as Bitcoin from the highs set prior to the Black Thursday market collapse.

Related Reading | Ethereum Chart Makes It Clear: Altcoin Season Is Already Over 

All throughout 2020, there have been signs and glimmers that an altcoin season may be underway, but each new volatile move in Bitcoin keeps them treading water.

Even over the weekend, the altcoin rally was cut short when Bitcoin blasted back to $9700 momentarily before it was rejected back to prices below.

Continued altcoin underperformance has crypto investors fearing that former highs will never return. But prices have also failed to set new lows.

What’s left behind, are indecision candles on multiple timeframes via a pair of long-legged doji.

crypto altcoins long legged doji bitcoin btc

Decision Time: Crypto Trend Change May Be Here, According to Long-Legged Doji

On the Altcoin/BTC trading pair on TradingView, last night’s weekly and monthly close, both left behind a long-legged doji candle.

According to the study of Japanese candlesticks, this type of doji “signals indecision about the future direction of the underlying security.” Long-legged doji form when the price of an asset opens and closes at roughly the same level. Yet unlike regular doji candles, the wicks are notably long.

These candlestick patterns can warn traders that a trend change is coming after a strong advance or decline. Investopedia says that long-legged doji “are deemed to be most significant when they occur during a strong uptrend or downtrend.”

“The long-legged doji suggests that the forces of supply and demand are nearing equilibrium and that a trend reversal may occur,” the website explains.

Japanese candlesticks are given more weight when they appear on higher timeframes, such as monthly or weekly price charts. In this unique case both the weekly and monthly price charts on the Altcoin/BTC trading pair depict this indecision candle.

The Altcoin/BTC trading pair takes the total altcoin market cap sans Bitcoin and weighs it against BTC in an inverse dominance chart.

Related Reading | Major Crypto Assets Are Preparing For Powerful Volatility Against Bitcoin 

Because this includes all other altcoins against Bitcoin, it isn’t clear which altcoins, if any, may experience a reversal against the number one cryptocurrency by market cap. That is if a reversal happens at all.

An explosive move in altcoins against Bitcoin is expected in one direction or the other, as these assets are showing the tightest Bollinger Band Widths in recent history. This behavior often proceeds an explosive break in volatility, so a decision could be made in the coming month or week ahead.

Tags: altcoinaltcoin/btcaltcoinsbitcoinbtcusdBTCUSDTcryptojapanese candlestickslong legged dojitotal 2total 2/btcxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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