Alt market Target reached after 2 months :), Part 10
It has been a very long road but we finally reached the target of the alt coin market cap. It followed the healthy version of the correction almost perfectly. What we see here, is something i would have wanted to see with Bitcoin as well. A big retest of former resistance. So there is a chance that alts have left the bear market behing them. Just a small sign now but it's a start though.
Just have a problem with Bitcoin. If that one goes to retest the 4K zone again, i don't think alts will be able to hold that support. So curious to see how things go coming months.
As we can see, this chart has been much easier to judge than Bitcoin past month or so. Making normal retest where Bitcoin simply just squeezed up.
On the right i have zoomed out a bit more. This one suggest that we might see a good drop again coming month or 2. To make a big right shoulder for a possible inverse H&S. This would be the ideal version, because it would also increase the chances a lot more that we have left the bear market behind us. It doesn't have to be like that, seeing another big push up to the next big resistance and then making a month or 2 long big bull flag is also possible. But objectively, the H&S would be a bit more realistic. Think a lot will depend on Bitcoin if it can push above the 8500 to 9/10k or not (still don't know if it will or not).
Short term, we have a possible bull flag in the making that we can follow. The longer it stays inside of it, the better it would be. Ideally the first green holds but would mean the market has to be very strong coming days. So a drop to the second is also possible, would also still be okay for the short term but obviously less strong. A break of the second one would make anything possible again. But if the sentiment of the past days is real, it should not drop below the first green even.
So short term we have a bull flag to follow, but when zooming out, we can see that on the bigger picture it's more likely to see a right shoulder form. So some mixed signals but it is what it is now. Had an amazing ride past 2 months already, it's not Christmas everyday :)
Please don't forget to like if you appreciate this :)
Previous analysis
Just have a problem with Bitcoin. If that one goes to retest the 4K zone again, i don't think alts will be able to hold that support. So curious to see how things go coming months.
As we can see, this chart has been much easier to judge than Bitcoin past month or so. Making normal retest where Bitcoin simply just squeezed up.
On the right i have zoomed out a bit more. This one suggest that we might see a good drop again coming month or 2. To make a big right shoulder for a possible inverse H&S. This would be the ideal version, because it would also increase the chances a lot more that we have left the bear market behind us. It doesn't have to be like that, seeing another big push up to the next big resistance and then making a month or 2 long big bull flag is also possible. But objectively, the H&S would be a bit more realistic. Think a lot will depend on Bitcoin if it can push above the 8500 to 9/10k or not (still don't know if it will or not).
Short term, we have a possible bull flag in the making that we can follow. The longer it stays inside of it, the better it would be. Ideally the first green holds but would mean the market has to be very strong coming days. So a drop to the second is also possible, would also still be okay for the short term but obviously less strong. A break of the second one would make anything possible again. But if the sentiment of the past days is real, it should not drop below the first green even.
So short term we have a bull flag to follow, but when zooming out, we can see that on the bigger picture it's more likely to see a right shoulder form. So some mixed signals but it is what it is now. Had an amazing ride past 2 months already, it's not Christmas everyday :)
Please don't forget to like if you appreciate this :)
Previous analysis
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