Altcoins Ascending Triangle On 4hr Just Like ETH, LTC & BCH
Updated
While everyone's watching Bitcoin's descending triangle, traders are missing the ascending triangles in altcoins...
Altcoins market (
TOTAL2) has returned to the horizontal resistance level of the 4hr ascending triangle. Similar to Litecoin, the price is finding resistance at the 200 MA, while the descending triangle support has become the resistance level of the ascending triangle. The ascending triangle has enough points of contact, but is only 50% complete, therefore anticipating a bullish breakout in a few days prior to Bakkt's launch on September 23rd, followed by a pullback.
Further reading:
Altcoins market (
TOTAL2) has returned to the horizontal resistance level of the 4hr ascending triangle. Similar to Litecoin, the price is finding resistance at the 200 MA, while the descending triangle support has become the resistance level of the ascending triangle. The ascending triangle has enough points of contact, but is only 50% complete, therefore anticipating a bullish breakout in a few days prior to Bakkt's launch on September 23rd, followed by a pullback.Further reading:
Note
Price has closed above the triangle resistance, but still feel it needs to return for a retest of triangle support (like with LTCUSD). Either way, I'll be longing altcoins if they breakout of their respective ascending triangles and make new swing highs.Note
As with LTCUSD, price is finding resistance at the 200 MA, that has now entered the resistance level/area of the triangle. 3 candle wicks have already been rejected.Note
Note
Altcoins testing resistance area after breaching 200 MA earlier than expected. On the right BTC dominance is testing support, confirming bullishness for altcoins.Note
Altcoins finding support along red arrow heading back to triangle support :-) Looks possible to still breakout upwards, but as originally theorized, expecting a retest first for a stronger bounce. As relevant, Bitcoin dominance support has turned resistance.Order cancelled
Rising Wedge or Ascending Triangle?
Trade closed: target reached
ETH:
LTC:
BCH:
TRX:
Note
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