- Crypto trader raised a question asking whether the Bull run is finally here.
- Altcoin market cap at the fourth stage of the Wyckoff accumulation pattern.
- $575B resistance level has more selling and buying.
Crypto Trader and Technical Analyst Mag rhetorically tweeted “Bull Run is finally here?”. His suspicion of the existence of a Bull run lies in Altcoin Market Cap. According to his tweet, the Altcoin Market Cap has been trading inside a Massive Wyckoff Accumulation Pattern.
In particular, this Wyckoff Accumulation Pattern consists of 5 phases. PHASE A marks the end of the downtrend as supply weakens after intense selling. PHASE B builds a base for a new uptrend, where big players accumulate at low prices. PHASE C is where a dump occurs, trapping late sellers before it goes higher. During PHASE D the price will move at least to the upper resistance lines as demand takes over while PHASE E will be when the price breaks out, demand is in full control.
Since the Altcoin Market Cap is at the beginning of PHASE D, there is a high possibility of a surge and the Altcoin Market Cap could reach $638B to $686B.
When looking at the above chart, it could be noted that the market cap for altcoin has been forming a falling wedge pattern. Currently, the market is testing the upper trendline of the falling wedge. Hence, if the trendline is breached, then, the market cap could test the $575B resistance level where more buying and selling happens. After that, if the above-stated resistance is broken, then, the Altcoin market cap could head towards the 632B resistance level. However, there is one more possibility where the market cap hit the $680B level.
As per the best trading practices, once crypto is inside a falling wedge, traders usually measure the height of the wedge at the initial stages of its formation and transposition it near the breakout point. If this is a conventional breakout, then the altcoin cap could reach above the $680B resistance level. Hence, this affirms the reason for Mag’s suspicion.
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