DrDovetail

Check out my old weekly chart for the alt market.

Long
CRYPTOCAP:TOTAL2   Crypto Total Market Cap Excluding BTC, $
This one's TA played out like true poetry. I was on my way to post a chart of an exciting double bottom pattern on the TOTAL2 (altmarket) chart and it brought back up some charting I had done on a head and shoulders (in yellow). I was saying in previous ideas over a year ago when we originally formed this big h&s patterns that based on how illogically low the breakout target is we would definitely see this pattern end up being a fakeout which would lead to at best the end of the bear market...many times a bearish head and shoulder pattern is really a bullish falling wedge in disguise and this time was no different. So I have a yellow head and shoulders pattern and a green falling wedge drawn here overlapping eachother you can see I marked the measured move target from where we broke out of the green wedge at $96. we can also see inside the smaller yellow circle, that right before we broke up from the wedge we had price send a wick below the neckline of the h&s likely trapping a bunch of naive bears..it then slingshotted itself out of the wedge and over the breakout target plummeting back into the h&s pattern a few short weeks later for one last fakeout at the neckline (as shown in the larger yellow circle) super interesting how this fakeout candle's lower wick retested the top trendline of the green wedge with absolute precision and the body of the same candle closed perfectly on the support of the neckline. After now confirming the h&s fakeout & the falling wedge breakout simultaneously we shot up to just below the horizontal resistance at 96 but above the 200 and 50 weekly mas until we finally closed a candle above that horizontal resistance after forming a bull pennant of which had a breakout target shown here at $136...upon reaching that target we surpassed our top dotted yellow resistance and will now possible look to retest it as new solidified support. We can see we are mere weeks away from a weekly golden cross which would greatly increase the probability that we maintain the dotted yellow line as solidified support. There is now a bigger pattern on a more macro scale to focus on so immediately after I post this idea I will be posting another one with only the larger pattern which is a double bottom that will also likely trigger and lead to much more upside and a confirmed bull market altseason for the alt market.
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