Altcoins - Double Bottom Reversal? - 2016 and 2020 Comparison

By Profit_Link
Quick one on some pattern symmetry i noticed on the altcoin markets.

The 2016-2017 bull market was preceded by three things, one was a pattern of price consolidation and 'priming.'

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2015-2016 priming

The next was a breach of clear overhead resistance.

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2015-2016 breach of overhead resistance

Finally was the presence of a clear bottoming, or reversal pattern, in this case a Double Bottom.

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2015-2016 Double Bottom Reversal

What is interesting is the clear symmetry on all of these factors, that we are witnessing in the altcoin market at press time.

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2020 priming

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2020 Double Bottom Reversal?

The only thing yet to present is the breach of clear overhead resistance

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2020 overhead resistance

I have been writing about the consolidation and price compression in the altcoin markets for quite some time, a breach of the overhead resistance and a breach of the 'priming' pattern, would be an excellent bullish development, one that i am ready for and i hope that other traders and investors alike are also ready for.

There are no excuses for getting caught off guard if the altcoin markets rally.


-TradingEdge
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Profit_Link

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