ALTCOINS - Bullish Weekly Outlook
Now that I have shown you the daily outlook on altcoins in my previous post "ALTCOINS - At Critical Support" Lets take a look at the weekly timeframe.
The weekly timeframe also shows us that we could see a significant rally for altcoins as long as this level holds. The first thing to note is altcoins showed strong buying pressure around the $430 billion marketcap which was the top of our 2017 bull market. Old resistance = New Support.
The next thing to note is our descending trendline of resistance from our high of $1.7 T. We recently broke above this trendline in early April and are now retesting it as new support! If this level is to hold we could see a marketcap of $700 billion or as high as $900 billion!
The weekly timeframe also shows us that we could see a significant rally for altcoins as long as this level holds. The first thing to note is altcoins showed strong buying pressure around the $430 billion marketcap which was the top of our 2017 bull market. Old resistance = New Support.
The next thing to note is our descending trendline of resistance from our high of $1.7 T. We recently broke above this trendline in early April and are now retesting it as new support! If this level is to hold we could see a marketcap of $700 billion or as high as $900 billion!
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