We are seeing the first signs of some market structure forming after the brutal dip on the weekend. Short term momentum still leans slightly to the bearish side, but mid-long term is still looking very very good.
Now onto the LTF structure. For the total crypto marketcap we see a descending triangle forming. More likely than not these patterns break to the downside, but since everything has been so low maybe this becomes a fakeout pattern and reverse us to the upside.
Either way I have targets outlined for both scenarios.
For the downside target: The 3.1T level is our current support. If we start closing candles below those level it is likely to see outflows of $100-150B and you would want to see bull hold the $2.95-3T level.
For the breakout target: Here there are two measured moves. Of you draw from the mouth of the triangle it would give us a breakout target of $3.33-3.35T which would also be our green trendline that has been so important for so long. If you use a flag extension target that would give us a breakout move of around $3.5T.
This is a 2H pattern so watch for either a break of our downwards sloping resistance line or a break of our $3.1T support level.
Now onto the LTF structure. For the total crypto marketcap we see a descending triangle forming. More likely than not these patterns break to the downside, but since everything has been so low maybe this becomes a fakeout pattern and reverse us to the upside.
Either way I have targets outlined for both scenarios.
For the downside target: The 3.1T level is our current support. If we start closing candles below those level it is likely to see outflows of $100-150B and you would want to see bull hold the $2.95-3T level.
For the breakout target: Here there are two measured moves. Of you draw from the mouth of the triangle it would give us a breakout target of $3.33-3.35T which would also be our green trendline that has been so important for so long. If you use a flag extension target that would give us a breakout move of around $3.5T.
This is a 2H pattern so watch for either a break of our downwards sloping resistance line or a break of our $3.1T support level.
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Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.