🔥 Altcoin Marketcap: Early Inverse Head & Shoulder Pattern
TOTAL3 is the total crypto marketcap minus BTC and ETH marketcaps, so we're looking at all altcoins here.
The alts are showing early signs of an inverse head & shoulders pattern, which is classically a bullish reversal pattern.
Overall, I think that BTC is still trading in a bear-flag formation until proven otherwise, so I'm not looking for an entry at this moment. See below for info:
However, if both BTC manage to break out on the bullish sides of their respective patterns we can deduce that they've confirmed their bullish reversal and that we might see more bullish price action in the coming months.
For now, keep an eye on the neck-line resistance. A bullish break out from there might signal further strength.
Happy trading!
The alts are showing early signs of an inverse head & shoulders pattern, which is classically a bullish reversal pattern.
Overall, I think that BTC is still trading in a bear-flag formation until proven otherwise, so I'm not looking for an entry at this moment. See below for info:
However, if both BTC manage to break out on the bullish sides of their respective patterns we can deduce that they've confirmed their bullish reversal and that we might see more bullish price action in the coming months.
For now, keep an eye on the neck-line resistance. A bullish break out from there might signal further strength.
Happy trading!
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