I see a big move shaping up here in terms of capital moving into the crypto markets. The TA respect of this ticker is a thing of beauty. lets break it down.
We really only see 2 bullish patterns in the candle structure - 1. inverse head and shoulders. Targets suggest a break above the $136B neckline should see a break towards $150B - $160B.
2. Ascending Wedge - the price action is being squeezed into a decision time that should occur within the next 48 hours. Either we break out towards the 100 MA, or we break down, and the continuation sell-off scenario wins.
The daily chart is channeling within a very nice descending channel, and it appears we have broken through the median resistance, and the next stop should be the top of the channel.
Also, daily 20MA is now crossing the 50, which should indicate strong support.
The volume spike we see in the market cap today is another indicator to pay attention too. and should bolster bullish scenario.
Regardless of direction, crypto is about to see another period of high volatility, so risk management is key here, but my prediction is in the bullish direction particularly in BTC, which has actually been lagging the moves seen in alt coins.
I would love to see the bullish TA play out here, and see a test of the major trend-line resistance. This would also setup for a nice short in the aftermath of this move, which would be sweet too. But for now, I believe we are about to see crypto get a really bullish move, as potentially 20-30 Billion is added to this market cap.
I will be updating this chart with developments. Stay tuned.
Best of luck, hit thumbs up.
We really only see 2 bullish patterns in the candle structure - 1. inverse head and shoulders. Targets suggest a break above the $136B neckline should see a break towards $150B - $160B.
2. Ascending Wedge - the price action is being squeezed into a decision time that should occur within the next 48 hours. Either we break out towards the 100 MA, or we break down, and the continuation sell-off scenario wins.
The daily chart is channeling within a very nice descending channel, and it appears we have broken through the median resistance, and the next stop should be the top of the channel.
Also, daily 20MA is now crossing the 50, which should indicate strong support.
The volume spike we see in the market cap today is another indicator to pay attention too. and should bolster bullish scenario.
Regardless of direction, crypto is about to see another period of high volatility, so risk management is key here, but my prediction is in the bullish direction particularly in BTC, which has actually been lagging the moves seen in alt coins.
I would love to see the bullish TA play out here, and see a test of the major trend-line resistance. This would also setup for a nice short in the aftermath of this move, which would be sweet too. But for now, I believe we are about to see crypto get a really bullish move, as potentially 20-30 Billion is added to this market cap.
I will be updating this chart with developments. Stay tuned.
Best of luck, hit thumbs up.
Comment:
Here is how it would look on the weekly chart
Comment:
A close-up look at the 4H ascending wedge + Fib extension targets. Boy would it be sweet to see this plan come together :p