Long term Bullish, but could pull back once more.
A couple things:
1) In my previous post I mentioned we would likely come down to the green box and set a bottom, and drew the red arrow. I've adjusted the box to better fit the previous bottoms and tops set but even then we barely scraped the top of it.
2) We have managed to rally right back into resistance, as you can see with the red up trending zone of what was support as well as the EMA spread and the 200 EMA.
So, with this being said:
a) Green box is providing decent support.
b) we really need to break back into the triangle pattern on the daily, as well as break above the EMA ribbon.
c) if we do not break above these resistances we could very well double bottom, seeing support at the green box again.
Now if bitcoin blasts off to 60k shortly and takes everything with it, we could very well see quite the explosion though these resistance levels to the upside.
Do not be surprised if FTM sees another re-test of this green box on the short term though.
Overall i'm pretty bullish on this as long as we hold the green box, especially seeing that the majority of coins are now moving upwards as well.
This is not financial advice and always do your own research.
1) In my previous post I mentioned we would likely come down to the green box and set a bottom, and drew the red arrow. I've adjusted the box to better fit the previous bottoms and tops set but even then we barely scraped the top of it.
2) We have managed to rally right back into resistance, as you can see with the red up trending zone of what was support as well as the EMA spread and the 200 EMA.
So, with this being said:
a) Green box is providing decent support.
b) we really need to break back into the triangle pattern on the daily, as well as break above the EMA ribbon.
c) if we do not break above these resistances we could very well double bottom, seeing support at the green box again.
Now if bitcoin blasts off to 60k shortly and takes everything with it, we could very well see quite the explosion though these resistance levels to the upside.
Do not be surprised if FTM sees another re-test of this green box on the short term though.
Overall i'm pretty bullish on this as long as we hold the green box, especially seeing that the majority of coins are now moving upwards as well.
This is not financial advice and always do your own research.