Altcoin - Market Update - Bullish Pennant Breakout
As my prior update on the altcoin market showed (link below), there was a clear bull pennant set to breakout.
It appears as though we have broken to the upside, this is a very bullish signal for the broader market and bodes very well for the crypto market as a whole.
So what about target?
Using a Fibonacci extension, we see there are several potential levels of resistance, the 61.8% level (around 115bln) would be my first guess as to where we could consolidate, or even have a minor pullback.
The broader picture however, looks like we are heading for the prior swing high around 125bln. following that, it is anybody's guess as to whether this creates a swell of enthusiasm or a flurry of selling. If pressed i would favor the former, as this would most likely be interpreted as confirmation that the earlier breakouts were in fact the beginning of a new bull market.
In any case, the breakout from this bull pennant is a very bullish sign for the broader markets.
It appears as though we have broken to the upside, this is a very bullish signal for the broader market and bodes very well for the crypto market as a whole.
So what about target?
Using a Fibonacci extension, we see there are several potential levels of resistance, the 61.8% level (around 115bln) would be my first guess as to where we could consolidate, or even have a minor pullback.
The broader picture however, looks like we are heading for the prior swing high around 125bln. following that, it is anybody's guess as to whether this creates a swell of enthusiasm or a flurry of selling. If pressed i would favor the former, as this would most likely be interpreted as confirmation that the earlier breakouts were in fact the beginning of a new bull market.
In any case, the breakout from this bull pennant is a very bullish sign for the broader markets.
