Total Cryptocap’s log chart just hit the falling wedge target
Updated
If we take the teal bull pennant and only measure the pennant part which is also a falling wedge, the target we get from the breakout has just been hit by our current price action. I felt that was worthy of posting a chart bout. Though bitcoin has already achieved a new all time high days ago, the entire market cap for all of crypto is still just below it’s previous all time high currently. I would expect that to change in the very near future, however there’s always a chance at a retracement once rice hits the full breakout target. Since we just hit the full breakout target of the teal falling wedge, then it could retrace, if it does it may take longer to reach a new all time high. ALso possible for it to pump just enough to reach a new all time high then start its retrcement, correction, or sideways consolidation. Either way we can see as I have stated in previous charts, that this falling wedge is also a very valid bullish pennant and the breakout target once you include the height of the pennants flagpole for your measured move line, Is a staggering 17.5 trillion or so…No guarantee we hit the full target this bull run, however the ay the bitcoin spot etf buying has kind of changed the paradigm of what’s possible there’s definitely a chance we could hit this full target for this current bull run. As I have stated in the past the dotted yellow measured move line to the left is a measured move target from a pennant we broke up from 2 bull cycles ago and it didnt hit its full target in that bull run. However since it is in a very close proximity to the price target of this teal pennant’s measured move breakout target as well, it creates a good bulllish confluence and we could see both targets hit this bull run. I would say worst case scenario we head to those targets by next bull run but very plausibly can reach them during this one. *not financial advice*
Note
Interesting that we are seeing some pullback and at least a more significant correction than we have in awhile in bitcoin right after total hits its full wedge breakout target (a major milestone) but before Total cryptocap secures a new all time high.
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