If Double Bottom confirms Alt season is officially on!
we are currently retesting the neckline of this double bottom as support. If it confirms, the altmarkets total cap value has a breakout target rise of over 70%. Need to see the current weekly candle close above the neckline. It appears a weekly goldencross is on the horizonhere so that should help increase the probability of the breakout. Untilwe see where the current weekly candle closes however a fakeout is still possible. Leaning bullish enough however to mark this idea long although as always that is -not- financial advice. Thanks for reading!
Note
no confirmation quite yet but we are currently continuing to form a bullflag right below the double bottom neckline so probability still leans more bullish for now.Note
If you click play on this idea we can see that priceaction returned to the potential descending yellow neckline to backtest it and confirmed support with a precision bounce...a good sign for the bulls. Still not quite sure which of the two necklines(descending yellow or purple horizontal) is the more valid neckline but finding support on the yellow one is still a very good sign for bulls.
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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.