Altcoins Could Soon Fall into the ‘Sell the News’ Trap: Have the Bears Proliferated Santa Rally?

The post Altcoins Could Soon Fall into the ‘Sell the News’ Trap: Have the Bears Proliferated Santa Rally? First appeared on Coinpedia Fintech News

Altcoins have shown extreme strength since mid-October, pushing the market closer to important resistance levels. Breaking the level, the altcoin is expected to trigger a new uptrend, which may even trigger a strong AltSeason. The market appears to be allowing for reloading and accumulation as the biggest wave appears to be approaching quickly.

Popular analyst known as Anonymous stock money lizard, indicating the altcoin market cap is heading towards the 2.618 FIB expansion level. This level is expected to remain there for a few more days, with the ETF news likely to lead to a brief surge to hit levels around $235 billion. However, the analyst believes that this level may face rejection as it could fall into the trap of ‘buy the rumor, sell the news’.

Moreover, Bitcoin’s dominance has fallen significantly and violated the upward trend line it has maintained since December 2022. The level continues to hit new lows, and a weekly close below or within the level could confirm a potential break in the upward trend. This could present a great opportunity for altcoins to push and produce new bullish momentum.

BTC dominance hit a yearly ATH of 55.26% a few days ago, and the level has continued to fall significantly since then. Control is down more than 6.5% and has entered a critical support zone between 51.69% and 52.03%. A weekly close below this level, which seems very likely, could set the stage for a strong AltSeason.