The altcoin market as a whole has reached a critical point in the cycle. With all time highs in sight the question of what happens next is an important one.
Bullish scenario -
Accumulation under the Range high and a strong break above with volume, that would put TOTAL2 into price discovery and from there just riding the wave until there is a reason not too. Invalidation on the loss of range high.
Bearish scenario -
Clear rejection off the Range high and a break in bullish structure e.g a lower high and lower low on the 4H/1D time frame. This does not include bullish accumulation under the high as that shows coiling for a breakout instead of a loss of momentum.
Paying close attention to the context of the trading environment is key to the execution of the trade as well. Anecdotally the crypto sphere is euphoric with many calling for astronomical gains, posting their trade gain screenshots etc, google searches for coins like Ethereum have sky rocketed. These are all warning signs for me that at least as of now we are due a correction going off of previous cycles. I am by no means bearish on the larger time frame but coming into range high resistance with the market environment the way that it is this needs to be considered in trade execution.
Bullish scenario -
Accumulation under the Range high and a strong break above with volume, that would put TOTAL2 into price discovery and from there just riding the wave until there is a reason not too. Invalidation on the loss of range high.
Bearish scenario -
Clear rejection off the Range high and a break in bullish structure e.g a lower high and lower low on the 4H/1D time frame. This does not include bullish accumulation under the high as that shows coiling for a breakout instead of a loss of momentum.
Paying close attention to the context of the trading environment is key to the execution of the trade as well. Anecdotally the crypto sphere is euphoric with many calling for astronomical gains, posting their trade gain screenshots etc, google searches for coins like Ethereum have sky rocketed. These are all warning signs for me that at least as of now we are due a correction going off of previous cycles. I am by no means bearish on the larger time frame but coming into range high resistance with the market environment the way that it is this needs to be considered in trade execution.
Nota
Rejection at the highs!Where will altcoins find support?
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.