Hello Traders Investors And Community,
Welcome to this analysis about the DEFI Index, we are looking at the 12-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. When assessing the index it is necessary to notice that the divergence within the cryptocurrency market is increasing strongly these times, there are currencies looking rather bearish while others forming strong bullish movements, with the DEFI Index I discovered that it is actually forming a quite bullish formation that has the potential to show up with some great breakouts when it manages to complete the right price-actions, therefore I detected all the important levels and likely destinies we should consider.
As when looking at my chart now we can watch there how the Index has developed this coherent descending-channel-formation marked with the blue boundaries, within this channel the Index has the coherent wave-count developed with the waves A and B already formed and now with the wave C setting up as the Index already pulled back from the upper-boundary bearishly to the downside, this is likely to continue till there is support found in which the Index has the ability to bounce and increase again to possibly form a breakout above the upper-boundary, therefore it is likely to happen within the confirmational-bounce-cluster as there are coming several supports together. In this case, it is necessary that the Index does not move below the support again because such a price-action will invalidate the formation however when the Index properly bounces within the confirmational-bonce-cluster and after that forms the breakout above the boundary it will complete the whole formation and will be the origin of the wave C to develop within the schedule, it will be an interesting journey ahead.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
"Good luck is when opportunity meets preparation."
Information provided is only educational and should not be used to take action in the market.
Welcome to this analysis about the DEFI Index, we are looking at the 12-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. When assessing the index it is necessary to notice that the divergence within the cryptocurrency market is increasing strongly these times, there are currencies looking rather bearish while others forming strong bullish movements, with the DEFI Index I discovered that it is actually forming a quite bullish formation that has the potential to show up with some great breakouts when it manages to complete the right price-actions, therefore I detected all the important levels and likely destinies we should consider.
As when looking at my chart now we can watch there how the Index has developed this coherent descending-channel-formation marked with the blue boundaries, within this channel the Index has the coherent wave-count developed with the waves A and B already formed and now with the wave C setting up as the Index already pulled back from the upper-boundary bearishly to the downside, this is likely to continue till there is support found in which the Index has the ability to bounce and increase again to possibly form a breakout above the upper-boundary, therefore it is likely to happen within the confirmational-bounce-cluster as there are coming several supports together. In this case, it is necessary that the Index does not move below the support again because such a price-action will invalidate the formation however when the Index properly bounces within the confirmational-bonce-cluster and after that forms the breakout above the boundary it will complete the whole formation and will be the origin of the wave C to develop within the schedule, it will be an interesting journey ahead.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
"Good luck is when opportunity meets preparation."
Information provided is only educational and should not be used to take action in the market.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.