An update to the weekly falling wedge
we've been keeping track of on the total crypto market cap chart. We currently are breaking up from the 1 day yellow falling wedge
. If we can maintain above the 1 day 50ma(not shown here) which we likely will, we will also trigger breakout of this larger 1 week red falling wedge! If we trigger the red falling wedge
the entire market could triple to quadruple in value! We can see that much like bitcoin's chart, the weekly 200 ma (shown here in blue) has provided tremendous support. If we do indeed triple the market value from a validated bullish
breakout of this wedge
, I would be very confident that the bear market would officially be over at that point. Always potential for fakeouts of course though so I will remain vigilant for any bearish
turnarounds but as for now probability is heavily favoring a triggered breakout of the red falling wedge
within the next two weeks. We may very well be witnessing the start of it.