Major altcoins consolidated index update
Hi guys,
Price keeps trading near the previously stable uptrend trendline that was breached on April 20. As you can see from the chart, there were 6 consecutive attempts on that line in the last week, but the consolidated price index could not return above it.
Still, it is slowly moving North towards our target of $735, which is also where the next major Fibonacci retracement from the downtrend is situated. Let's see if a second visit to that resistance will result in a rebound and a continuation of the downtrend or will be the trigger of the reversal to the upside.
On the 1-h chart we are in a downtrend corridor since April 26, but what we see today is a potential breakout, which is still in the making, so let's see how this evolvs.
Cheers,
Price keeps trading near the previously stable uptrend trendline that was breached on April 20. As you can see from the chart, there were 6 consecutive attempts on that line in the last week, but the consolidated price index could not return above it.
Still, it is slowly moving North towards our target of $735, which is also where the next major Fibonacci retracement from the downtrend is situated. Let's see if a second visit to that resistance will result in a rebound and a continuation of the downtrend or will be the trigger of the reversal to the upside.
On the 1-h chart we are in a downtrend corridor since April 26, but what we see today is a potential breakout, which is still in the making, so let's see how this evolvs.
Cheers,
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