As my prior update on the altcoin market showed (link below), there was a clear bull pennant set to breakout.
It appears as though we have broken to the upside, this is a very bullish signal for the broader market and bodes very well for the crypto market as a whole.
So what about target?
Using a Fibonacci extension, we see there are several potential levels of resistance, the 61.8% level (around 115bln) would be my first guess as to where we could consolidate, or even have a minor pullback.
The broader picture however, looks like we are heading for the prior swing high around 125bln. following that, it is anybody's guess as to whether this creates a swell of enthusiasm or a flurry of selling. If pressed i would favor the former, as this would most likely be interpreted as confirmation that the earlier breakouts were in fact the beginning of a new bull market.
In any case, the breakout from this bull pennant is a very bullish sign for the broader markets.
It appears as though we have broken to the upside, this is a very bullish signal for the broader market and bodes very well for the crypto market as a whole.
So what about target?
Using a Fibonacci extension, we see there are several potential levels of resistance, the 61.8% level (around 115bln) would be my first guess as to where we could consolidate, or even have a minor pullback.
The broader picture however, looks like we are heading for the prior swing high around 125bln. following that, it is anybody's guess as to whether this creates a swell of enthusiasm or a flurry of selling. If pressed i would favor the former, as this would most likely be interpreted as confirmation that the earlier breakouts were in fact the beginning of a new bull market.
In any case, the breakout from this bull pennant is a very bullish sign for the broader markets.
For more analysis, consider joining our telegram group for trade updates and ongoing opportunities, link in my profile.
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For more analysis, consider joining our telegram group for trade updates and ongoing opportunities, link in my profile.
相关出版物
免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。