ππ If ETH Does THIS, the REAL Breakout BEGINS!
A VIOLENT TOTAL3 Breakout Could Send Altcoins HIGHER!
Overview
Chart #1 - Crypto Total Market Cap (TOTAL) 3-Day
Chart #2 - S&P 500 Futures (ES1!) Daily
Chart #3 - Ethereum (ETHUSD) Daily
Chart #4 - Avalanche (AVAXUSDT) Daily
Chart #5 - Fear and Greed Index
Chart #1 - Crypto Total Market Cap (TOTAL) 3-Day
Chartist: Sheldon
(For the chart screenshot, click here.)
Looking at the Total Market Cap on the three-day timeframe, we can see it has been in a rising wedge structure since the beginning of the year.
Now it has reached the top of the structure, at the weekly resistance line, and the question is whether the market is going to break out, at around $1.32T, or get rejected.
A rising wedge structure is normally bearish, with a higher probability of a break to the downside, but if there is a break to the upside, it is normally a violent move.
The TOTAL is also in the $1.29T - $1.315T area of resistance, with the next one at $1.4T - $1.5T.
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Chart #2 - S&P 500 Futures (ES1!) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
The S&P 500 futures could be setting a lower high!
If so, watch for a potential inverse head and shoulders pattern. The support will likely be found at the 200 MA on the daily chart.
Once it starts bouncing, we can establish where the stop loss goes.
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Chart #3 - Ethereum (ETHUSD) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
ETH is losing its pivot level!
It needs to reclaim this with a closing daily candle above. If it does, then a real breakout could be in play, and the next major level would be $2,000.
If the price gets above $2,000 and holds there, things should start to run aggressively in the altcoin market.
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Chart #4 - Avalanche (AVAXUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
AVAX has reached the top of the range resistance high level at $13.00, and with the price overbought on the daily timeframe, there is a possibility of a pullback happening.
If the price gets rejected here, the next support is at the daily 200 Moving Average (yellow line), which is currently at the $12.30 bottom of the range support.
AVAX has had a great run over the last three weeks, and a pullback would be very good in order for it to test higher levels of resistance!
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 68 today, indicating Greed.
The highest the index has been over the past seven days is 74, and the lowest is 65.
Banterβs Take
The TOTAL3 has encountered resistance, so weβll exercise caution with altcoin plays. If ETH can close strong today, it could offer further upside for alts. However, this is a pivotal price level!
Stay safe my friends!
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