Possible breakout in the altcoin market
So as we can see here, there is a pennant forming in TOTAL3 (altcoin market excluding ETH). It's basically the same in TOTAL2 (altcoin market with ETH), but there are more points to the upper resistance trendline on the pennant in TOTAL3, so I thought it was more accurate.
In addition, if you look at the PA, it is very similar to the period from December 2020 to February 2021, and after that the bull run continued.
This is not financial advice, DYOR. Don't listen to an Explosive_Cow ;)
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- As this is a continuation pattern, it's most likely to have a breakthrough. In that case, taking the height of the flagpole to a possible breakout point there would be 60% gains until 1.4T market cap and a massive rally till the end of the year possibly.
- If there is a breakdown, there would be a 60% drop in the market cap of alts an we would continue to be in a bear market.
- Even if there is a breakdown we need to watch the 20 and 50 daily EMA because if the PA breaks these supports and the 20 crosses the 50 that would confirm the continuation of the bear market.
In addition, if you look at the PA, it is very similar to the period from December 2020 to February 2021, and after that the bull run continued.
This is not financial advice, DYOR. Don't listen to an Explosive_Cow ;)
If you found this helpful drop a like and a follow if you want to see more of my ideas :D