$ALCX USD PAIR FTX chart analysis
I decided to be imaginative with how alcx will play out before the end of the year 2021. First of all, I'm trying to figure out the bottom and the estimated bottom in my opinion is about 180$. How did I come up with this estimated bottom, you might ask?!. It's the support trend line. No fancy tricks here. Figuring out the overall pattern here is a bit tricky but we can get some clues from the weth alcx pair which a broadening ascending wedge so this most likely is a broadening descending wedge. It sure looks like a right angled broadening descending wedge on the Coinbase 4 hours chart. I'm likening this chart to the water cycle. The clouds being the resistance levels and many of the investors want to see this token fly over the clouds. My estimated first main target is around 1800$ and I've pointed out the bear trap at that level. I'm not saying that its going to rain back to earth when it reaches that level but thats the 3.6 fib level and a major resistance level in my opinion. The golden ratio 1.6 fib put it at around 900$ and the 2.6 fib level is around 1200$. All these are resistance levels that are not to be ignored assuming that the token is about to take off. Current price is 188$ and the date is dec 18th 2021. let me know what you think in the comments. I'll post more analyses if this one plays out correctly. This isn't an investment advice and the analysis isn't necessarily accurate!
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