Verasity | Chart Structure TA (1,000%+ Next Bullish Wave)Hello my fellow Cryptocurrency trader, I hope you are having a wonderful day.
Here we are looking at Verasity and I want to show you a few things that can help you improve your TA.
For this analysis, we will consider mainly the "chart structure."
The pair is VRABTC. Notice the big "mountain" and its "peaks," these are shown yellow on the chart.
These peaks represent the last bull-market and its end.
After the ATH, the bear-market starts and in June 2022 the climax is hit. After this low, we get a very long period of sideways action. There is always a long consolidation phase before a new bull-market develops after a major bear-market.
This is something that we looked at before but it is really important.
Every time there is a major wave we tend to become stuck and expect a new very strong wave to develop right away, say around "June 2022" on this chart. But instead of a new wave, the markets goes down and sideways long-term. Which is here shown as "long-term consolidation."
After this consolidation a new bull-market is secured.
Looking at VRABTC, it moved down and hit as low as the same price at which it traded back in February 2021, and we have a long-term higher low currently.
The size of the candles shows that the bearish cycle is over, the action is now happening as "sideways" or "consolidation" rather than a bearish wave. Out of this sideways/consolidation, we get a new bullish phase.
Potential is huge for this pair... It can grow 1,000%, 2,000% or even more.
There can be another low or the bottom might be in... This analysis is more for TA than potential profits.
Thank you for reading.
Namaste.
