ALTCOINS TOTAL3
Altcoins have struggled in the last 5-6 months since BTCs slowdown.
Some alts are down 80% from their highs but are now displaying a promising pattern for the bulls. The chart shows the daily support that intersects 3 points that make a head and shoulders pattern. This H&S pattern is an important reversal structure that if gets completed would signify the bottom of the downtrend and the beginning of an uptrend.
Since this H&S reversal TOTAL3 has flipped the 1D 200EMA and is now at diagonal resistance. Should this resistance be broken and accepted above as well as the WEEKLY S/R then the next target is DAILY RESISTANCE. This would be great for smaller can alts especially the newer projects that have not experienced a Bullrun yet.
In terms of a trade setup. I would place an SL below the local low as this would be a trend break and could signify a further sell-off.
Take profits @ DAILY RESISTANCE, 720B & 780B.
Some alts are down 80% from their highs but are now displaying a promising pattern for the bulls. The chart shows the daily support that intersects 3 points that make a head and shoulders pattern. This H&S pattern is an important reversal structure that if gets completed would signify the bottom of the downtrend and the beginning of an uptrend.
Since this H&S reversal TOTAL3 has flipped the 1D 200EMA and is now at diagonal resistance. Should this resistance be broken and accepted above as well as the WEEKLY S/R then the next target is DAILY RESISTANCE. This would be great for smaller can alts especially the newer projects that have not experienced a Bullrun yet.
In terms of a trade setup. I would place an SL below the local low as this would be a trend break and could signify a further sell-off.
Take profits @ DAILY RESISTANCE, 720B & 780B.
Note
TP1 HIT!
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