As you can see Total 3 is in a descending broadening wedge and was most recently rejected at the upper diagonal line of resistance.
Assuming BTC continues it's bullish reversal we can expect Alt's to do likewise.
Could we come back down and test the recent lows again? Yes. But there's also a good probability that we hold the 720B area as support and attempt at breaking out of the descending line of resistance. A break above would finalize an inverse head and shoulder pattern with a breakout target at the .786 fib level which is approximately at 1 trillion.
I think we could see this break out around mid-late February with a run towards 1 trillion ending at around mid-March.
Assuming BTC continues it's bullish reversal we can expect Alt's to do likewise.
Could we come back down and test the recent lows again? Yes. But there's also a good probability that we hold the 720B area as support and attempt at breaking out of the descending line of resistance. A break above would finalize an inverse head and shoulder pattern with a breakout target at the .786 fib level which is approximately at 1 trillion.
I think we could see this break out around mid-late February with a run towards 1 trillion ending at around mid-March.
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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.