According to Miles Deutscher, the TOTAL3 chart, which represents the total cryptocurrency market cap excluding Bitcoin and Ethereum, may have formed a double top pattern. This pattern is often seen as a bearish signal, indicating a potential reversal in the market trend. Traders should monitor this development closely as it could suggest a forthcoming decline in altcoin prices. The analysis is based on the chart pattern observed by Deutscher.

According to Material Indicators (@MI_Algos), Bitcoin has established a new local support level, which is a positive sign for traders looking at price stability. Additionally, the TOTAL3 index, which excludes Bitcoin and Ethereum, has shown growth, indicating that altcoins might be finding a bottom, signaling potential opportunities for traders in the altcoin market.