✴️ COTIUSDT | General View With Targets (Name Your Altcoin #3 ✅)

2 ก.พ. 2023

We start with the weekly timeframe at log-scale to be able to see better the different levels and support.

This is the third name your altcoin trade idea and after the first set of 10, we will do 10 more and 10 more, etc., if enough people show interest.

After we review the log chart we switch back to the linear chart to get the real picture.

The way that the chart looks, chart structure, can reveal the long-term... But let's start with the long-term COTIUSDT log-scale:

• A low was hit October 2020. Out of this low a triangular bottom pattern forms and this precede a very strong bullish wave. This also marks the Oct. low as a bottom.
  
• In January 2023 a new low is hit and prints the same triangular bottom pattern. This coincides with the highest volume bar since October 2021 and 4 strong green candles.
  
• After this long-term higher low we also get a break above EMA10 and break of the major downtrend coming from the October 2021 All-Time High. Everything points to a new low/bottom being set before very strong growth.
  
  Strong growth already took place since we have more than 100% in one month but cryptocurrency offers more.
  
  
• Capitulation lead to a low in June 2022 and the stop-loss/liquidity hunt event to a new low in Dec. Now that COTIUSDT is back above this June low, it confirms that the bulls have recovered.
  
• Last week resistance was met at EMA50, a very strong resistance level and while COTIUSDT remains below we cannot say that long-term growth has started. We can say the downtrend is over but consolidation can take place at this point or even another drop within months that would end in a higher low matching the purple trendline.
  
  Ok. This is too much data for this chart alone let's continue.
  

Now we go linear on the weekly:

Here again we can appreciate the bottom prices.
If we didn't have a wider perspective, we could say that a rejection can happen at EMA50, long consolidation and then up, hitting any of the multiple support levels marked on the chart.

But if you look at FTMUSDT for example, LTCUSDT just to mention two, you will see that they continued to grow straight through the resistance EMA50 weekly resistance.

We also have other signals that tells us that the market is open to additional growth before any major corrections.

Here is a better picture considering a drop:

Just as an example, the dates and levels are not meant to be exact but you get the idea.

The idea would be up first before any major correction, then the correction, it can go for as long as or as low as it want because after this correction and even stronger bullish wave will follow.

In order to be able to understand my full view/perspective of the market you would have to read the "🅱️ 30 Trade Ideas Prove The Future Can Be Predicted | BTC Rally" article in the 'Related Ideas' below.

In conclusion

• We are bullish on COTIUSDT.
  
• The pair is trading weekly above EMA10 with a very strong RSI.
  
• We have the highest volume in one year and three months.
  
• A more than a year long downtrend has been broken.
  
• The macro situation starts to look good as money printing is set to resume within this year.
  
• We just had the strongest bear market in years... After a bullish wave a bearish wave follows, after a bearish wave a bullish wave shows up.
  

With all the stars moving forward...
With everything falling in its place.

After the bad players have been removed...
The cryptocurrency market is ready to grow again.

Name your altcoin #3

Namaste.