Alt market wants to explode to 2.4 trillion
In order to do so however it must first break out o this cup and handle pattern it has been forming. Many alts at the moment including Ethereum and Tezos are in similar cup and handle patterns. Just waiting on price action to firmly break above the rimline o the cup and lip it to solidified support first before we can confirm the breakout. It could take it’s sweet time locating just under the rimline for multiple daily candles before I ally breaking above. It could be as early as tomorrows candle or it could be multiple weeks away still. Whales may very well be waiting until they see a bunch of people flipping their alt holdings into btc before they finally try to trigger the total2 c&h breakout. Either way, I don’t anticipate most alts currently in a c&h having their breakout until we see the total 2 chart confirm its breakout. My guess is we will see the breakout sooner rather than later as I anticipate the 1 day 50ma(in orange) will maintain solid support and help to lift price action above the rimline and keep it there.
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I just posted an idea after this one on the C&h pattern on ethusd. Ethereum’s handle to it’s cup is an inverse head and shoulder pattern just like this one. Ethereum looks like it is about to trigger the inv h&s handle’s breakout so odds are good we will see it break above the rimline of its cup sooner rather than later. If we do. It is almost certain that Total2 will also trigger the inv h&s pattern it is now forming for its handle as well.
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We may not see this pattern confirm until November. C&H are notorious at lingering just below the rimline to trick people into opening and then closing longs prematurely. I think probability still favors this pattern breaking out eventually, but we may see multiple fake outs before it finally confirms.
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Currently knocking on the door of the rim line. I anticipate a very bullish November for alts
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Somehow going back for yet another retest of the rimline here. Trying their best to shake the weak hands in order to pull the slingshot back for liftoff.