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Altcoins - Double Bottom Reversal? - 2016 and 2020 Comparison

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CRYPTOCAP:TOTAL2   Crypto Total Market Cap Exclude BTC, $ (CALCULATED BY TRADINGVIEW)
Quick one on some pattern symmetry i noticed on the altcoin markets.

The 2016-2017 bull market was preceded by three things, one was a pattern of price consolidation and 'priming.'

2015-2016 priming

The next was a breach of clear overhead resistance.

2015-2016 breach of overhead resistance

Finally was the presence of a clear bottoming, or reversal pattern, in this case a Double Bottom .

2015-2016 Double Bottom Reversal

What is interesting is the clear symmetry on all of these factors, that we are witnessing in the altcoin market at press time.

2020 priming

2020 Double Bottom Reversal?

The only thing yet to present is the breach of clear overhead resistance

2020 overhead resistance

I have been writing about the consolidation and price compression in the altcoin markets for quite some time, a breach of the overhead resistance and a breach of the 'priming' pattern, would be an excellent bullish development, one that i am ready for and i hope that other traders and investors alike are also ready for.

There are no excuses for getting caught off guard if the altcoin markets rally.


-TradingEdge

Comments

Good job. Thx man.
+1 Reply
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