It is a well-known pattern that needs no explanation, and what can happen is also clear. Some people are doing crazy analyses only because they think the ALT season MUST happen soon.
So, for total3, A fall to the previous resistance is possible if the market continues its bearish trend. We can see 780-800B, and if it's broken, then 700B.
They don't say it, but a head and shoulders pattern can be formed here, sending total3 lower to ~400B and completing the pattern, and after that, total can reach new highs, +2T.
The bear market might not be over yet. If the 400B scenario plays out, then most altcoins can have new lows.
But this whole thing is not bearish.
Another bullish move can still happen from here and total3 can rise to 1.5T, but I'd consider it as a fake breakout, the chances we see an altseason soon are lower imo until the pattern is completed , either after touching 780B, 700B or lower as I said.
So, for total3, A fall to the previous resistance is possible if the market continues its bearish trend. We can see 780-800B, and if it's broken, then 700B.
They don't say it, but a head and shoulders pattern can be formed here, sending total3 lower to ~400B and completing the pattern, and after that, total can reach new highs, +2T.
The bear market might not be over yet. If the 400B scenario plays out, then most altcoins can have new lows.
But this whole thing is not bearish.
Another bullish move can still happen from here and total3 can rise to 1.5T, but I'd consider it as a fake breakout, the chances we see an altseason soon are lower imo until the pattern is completed , either after touching 780B, 700B or lower as I said.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.