The alt coin market (TOTAL2) following April's break-out above the Falling Wedge of the Bear Cycle that started in mid 2021, has pulled-back, tested both the 1W MA50 (blue trend-line) and 1M MA50 (red trend-line) as Supports. Currently we are seeing the 1W MA50 holding, having closed the last 6 candles above it. The technical Resistance is the 1 Year Zone within 618 (where the price got recently rejected) and 700.
On the long-term though, the Wedge break-out along with the formation of the Inverse Head and Shoulders (IH&S) pattern, targets much higher and more specifically the 2.0 Fibonacci extension at 1.135T.
Note that in the meantime, the 1W MACD completed a Bullish Cross 2 weeks ago, the first this past year (since August 08 2022).
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On the long-term though, the Wedge break-out along with the formation of the Inverse Head and Shoulders (IH&S) pattern, targets much higher and more specifically the 2.0 Fibonacci extension at 1.135T.
Note that in the meantime, the 1W MACD completed a Bullish Cross 2 weeks ago, the first this past year (since August 08 2022).
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๐ฐFree Channel t.me/tradingshotglobal
๐คตContact info@tradingshot.com t.me/tradingshot
๐ฅNew service: next X100 crypto GEMS!