(Crypto Market Cap) Falling Wedge Breakout with High Volume
Hey all, I haven't done an idea in a while so I figured I would publish this one. Check out the falling wedge on the total crypto market cap... Such a clear breakout on huge volume. I can't wait to see what's going to happen. This is an amazing bull opportunity I think.
If you don't know about wedges look up falling wedge, it's a bullish formation. Plus we had record volume on the breakout of the wedge.. If that wasn't enough, we dropped almost exactly 61.8% of the previous rally before doing this. Super bullish! We have already pushed up above the 50% fib (223B), seeing resistance at the 61.8% fib (254B). If we break above that level I think it's all systems go to 350B, maybe even 500B.
Of course, the total market cap isn't exactly tradeable and doesn't necessarily follow the same rules as a market that is tradeable.. But if you ask me, technical analysis is still very relevant.
That's all for now, please consider sharing if you got value out of this analysis. And don't forget to leave a thumbs up and follow.
I do technical analysis as a hobby. I like to learn more about markets and share my ideas with other people. But when it comes to real trading, I have algorithms to watch the markets for me 24/7. If you want more info, see my signature.
Cheers!
If you don't know about wedges look up falling wedge, it's a bullish formation. Plus we had record volume on the breakout of the wedge.. If that wasn't enough, we dropped almost exactly 61.8% of the previous rally before doing this. Super bullish! We have already pushed up above the 50% fib (223B), seeing resistance at the 61.8% fib (254B). If we break above that level I think it's all systems go to 350B, maybe even 500B.
Of course, the total market cap isn't exactly tradeable and doesn't necessarily follow the same rules as a market that is tradeable.. But if you ask me, technical analysis is still very relevant.
That's all for now, please consider sharing if you got value out of this analysis. And don't forget to leave a thumbs up and follow.
I do technical analysis as a hobby. I like to learn more about markets and share my ideas with other people. But when it comes to real trading, I have algorithms to watch the markets for me 24/7. If you want more info, see my signature.
Cheers!
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