Altcoins Market 4hr: Ascending Triangle Turns Rising Wedge
Updated
After getting rejected last night from the ascending triangle breakout, the altcoin market appears to be forming a bearish rising wedge pattern (purple) while falling below the 200 MA. If the price continues to correct back down to the ascending triangle (green) trendline and finds support this would be a bullish sign. If the price continues to move upwards from the current 4hr low, it will confirm the bearish rising wedge pattern and likely breakdown to previous support levels. Current outlook is therefore leaning bearish unless price finds support from the ascending triangle. Finding support above the 200 MA should be easier within the ascending triangle, which it is now entering.
See previous ascending triangle analysis:
See previous ascending triangle analysis:
Note
Altcoins trying to break out of rising wedge on the 4hr, notably closing the Daily candle above the horizontal resistance of the bullish ascending triangle, even if firmly within bearish rising wedge. Remaining neutral until the market can move higher, or corrects to the triangle support and holds, or breaks down entirely.Trade active
Went long on shitcoins anyway :DLTCUSD:
BCHUSD:
Note
Bullish breakout on the 4hr with strong close. Now meeting resistance at 73b (50 Day MA).Note
Trade closed: target reached
76.87b reached.Note
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