DEFI Index, Triangle Completion, Setting Up To Form Next Moves!

Hi my friends,

Welcome to this update-analysis about the DEFI Index, we are looking at the 12-hour timeframe perspective and since the previous analysis the Index fully completed the wave-count within the triangle to bounce from the important cluster and finally form the breakout above the upper boundary to close there, these where great initial moves, if you did not see the analysis already I highly recommend it to watch to have a full-depth-overview, now we are looking at the important levels and likely outcomes we should consider further.

As when looking at my chart we can watch there the price-action of the Index now fully above the upper boundary of the triangle and the breakout fully emerged, this was a solid breakout and what not seldom happens after such price-action establishes and such a formation completes is a pullback to the breakout origin anew to confirm it and move higher to the upside from there, such price-action is also likely to happen here and it will fully confirm the triangle-formation when the index bounces from the upper-boundary as it is marked in my chart, from there on the index is likely to continue bullishly and point to the upside targets in the structure mainly lies within the 3190 levels as marked in my chart from where a pullback is not unlikely to establish and should be expected as traders taking profit and the market reaching the targets. When this pullback emerges it has to elevate how the market continues and if there comes a good bullish stabilization further which has currently high potential to emerge. The index has developed some solid signs and is setting up to continue with the established pace, such as formational structures and technical validations are important to assess within the market because not every trading-pair is forming such formations within the market.

In this manner, thank you for watching the analysis, have a good start into the New Year 2021, many thanks for all people supporting, all the best!
"Good luck is when opportunity meets preparation."

Information provided is only educational and should not be used to take action in the markets.

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