Quantium_Research

The signs are there - the bears are finished for now

Long
FTX:ALTPERP   Altcoin Index Perpetual Futures
Consider the angular symmetry in this chart. The yellow line that connects points A and B is used to determine the angle of descent from historic data. When that line is copied with the exact same angle and projected from the previous low labelled C, the result is more support around the 1.618 level. Projecting the same line from the interim low marked D gives more support for the close prices a little higher.

Altcoin has just finished a classic 1.618 extension (see white Fibonacci levels). This is a strong support indications. The price came down to support on a large candle on extreme volume . This is called a selling climax and is, in this case, a sign of trend exhaustion. Bears would probably struggle to push price any lower.

These signs indicate the bears have had their say and the bulls will likely take over. A break below 458 would invalidate the other signals and suggest bears are back in control. Otherwise, there's plenty of upside.

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