Telcoin possibly approaching a decisive movement!
Green bullish outlook: Push out of descending channel, successful retest off upper descending channel line, push past $0.02 then retest to confirm price breakout at the support zone (purple box), followed by a strong push to $0.03 (green dotted line)
Yellow corrective outlook: Falling out of the support zone retesting at the $0.15 mark, then returning to and/or the lower ascending trend line
Red bearish outlook: Failing the lower ascending trend line, with a bounce off the 21st July red wick (red dotted line)
NOT FINANCIAL ADVICE, DO YOUR OWN RESEARCH, EDUCATIONAL PURPOSES ONLY
Green bullish outlook: Push out of descending channel, successful retest off upper descending channel line, push past $0.02 then retest to confirm price breakout at the support zone (purple box), followed by a strong push to $0.03 (green dotted line)
Yellow corrective outlook: Falling out of the support zone retesting at the $0.15 mark, then returning to and/or the lower ascending trend line
Red bearish outlook: Failing the lower ascending trend line, with a bounce off the 21st July red wick (red dotted line)
NOT FINANCIAL ADVICE, DO YOUR OWN RESEARCH, EDUCATIONAL PURPOSES ONLY
This is a good example of why you should always refer back to BTC and the Bitcoin dominance charts.
We see $TEL fall out of the bullish momentum on the 16th - 20th. During that same period, BTC goes through an accumulation phase between 59k - 63k. An important time, as this was the peak of the previous all time high this year! The recent debut of the BTC ETF, along with the barrage of adoption news we get every day, and the usual "sell the news" ethos that we tend to follow, selling the news became such an obvious move that it didn't happen in one fell swoop as we expected. (A LOT of futures longs & shorts got liquidated).
Altcoins often get volatile, or dump heavily when BTC goes through decisive moments like this, so $TEL lost its bullish momentum for a time.
It will be interesting to see if it regains that momentum should BTC continue its current price discovery rally to the 70K region, giving Altcoins more room to move. Or if it retests at a lower value, bringing Alts down with it!