Altcoin Chart looks bearish with a perfected 8 and 9 in the weekly.
The RSI wasn't able to cross the 50 to 60 mark, which tells us, that we are still holding bearish momentum and the downtrend.
We are still holding that channel structure with false breakouts in either directions.
The Elliott Wave Theory tells us, that we are still missing a leg down. The potential drop of leg 5 could be equal to leg 1.
I expect it to fall to the green circle, where we have support of an old uptrend resistance and support of the downtrend channel.
From there we could see pushes to the upside and a trend reversal, IF Altcoins are going to come back one day. But we will have to reevaluate once we are there.
The RSI wasn't able to cross the 50 to 60 mark, which tells us, that we are still holding bearish momentum and the downtrend.
We are still holding that channel structure with false breakouts in either directions.
The Elliott Wave Theory tells us, that we are still missing a leg down. The potential drop of leg 5 could be equal to leg 1.
I expect it to fall to the green circle, where we have support of an old uptrend resistance and support of the downtrend channel.
From there we could see pushes to the upside and a trend reversal, IF Altcoins are going to come back one day. But we will have to reevaluate once we are there.
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