This is another TA on why it's a good place to be buying altcoins this summer.
Based on the chart, we can observe a huge falling wedge that was broken in July. The price has been above the trendline for several weeks, indicating a clean breakout. Furthermore, there seems to be a formation of an inverse head and shoulders pattern. Currently, we are completing the right shoulder, and if we manage to see the price reaching the base, I anticipate a continuation of the upward movement towards the previous support zone around 470 or 500 billions.
It's worth noting the RSI as well. At the beginning of this year in January, this trendline was breached, transitioning from a downtrend. In June, we retested it from above, and now we witness a bounce, which adds another bullish signal.
So I believe these technical factors point to potential further upside. Pick your favorite altcoins and get ready for the summer rally. Happy trading!
Based on the chart, we can observe a huge falling wedge that was broken in July. The price has been above the trendline for several weeks, indicating a clean breakout. Furthermore, there seems to be a formation of an inverse head and shoulders pattern. Currently, we are completing the right shoulder, and if we manage to see the price reaching the base, I anticipate a continuation of the upward movement towards the previous support zone around 470 or 500 billions.
It's worth noting the RSI as well. At the beginning of this year in January, this trendline was breached, transitioning from a downtrend. In June, we retested it from above, and now we witness a bounce, which adds another bullish signal.
So I believe these technical factors point to potential further upside. Pick your favorite altcoins and get ready for the summer rally. Happy trading!
Comment:
We might see a pullback from here to test the falling wedge, after the break out. For this to happen, BTC has to go deeper, like 25k. And this still would be bullish for the longer term. So if you're not willing to risk, it might be a good idea just to DCA every week.
