Technical Analysis

ALTcoins Are Trying To Follow Bitcoin; DeFi Bulls Are HereNov 11, 2024

We talked about DeFi Index back on August 21, when we actually spotted a completed complex W-X-Y corrective setback that gave us a bullish setup formation of a larger degree. CLICK HERE

DeFi Index Daily Chart From August 21

Since August it’s been mostly accumulating and with a broken channel resistance line connected from the highs, it’s probably forming a bullish setup formation with a sharp wave (1), which was followed by an A-B-C flat correction in wave (2) that nicely retested upper channel line as a support.

DeFi Index Daily Chart From November 11

So, with current sharp and impulsive rally, watch out for a strong bullish continuation within wave (3) of a five-wave bullish cycle that can send the price back to March highs, especially if breaks base channel resistance line and 1000 bullish confirmation level.

If you want to catch up some ALTcoins, you may want to become a member of www.wavetraders.com

For more analysis like this, you may want to join our live webinar today on Monday 11.11.2024-15.00CET. 

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