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Premium setup for members: The TOTAL CRYPTO-CAP Is Building A Massive Broadening-Wedge!
Hello,
Welcome to this analysis about the Total Cryptocurrency-Market-Cap excluding Bitcoin and Ethereum on the 2-day timeframe perspective. As the Cryptocurrency Market showed up with the heavy bearish declines it is now testing crucial levels and potential reversal potentials that can be eyed. In this case, it is necessary that the market shows up with the right price-action-determinations that the market can shift in an appropriate direction. Besides the fundamental and indicational factors, the technical aspects are also pivotal to consider. In this case, now I discovered an interesting formation developing within the total Cryptocurrency-Market-Cap that has the potential to finalize when the market shows up with the genuine developments that can shape its destinies rightly.
Formational Structures:
As when looking at my chart we can watch there how the total Cryptocurrency-Market-Cap is now approaching a crucial support-zone within the lower boundary of this massive broadening-wedge-formation the market is forming here. In this case the total Cryptocurrency Market-Cap is also testing the 600-EMA marked in orange which is major support for the symbol in this case. When considering the broader perspective the total Cryptocurrency Market-Cap is developing this paramount broadening-wedge-formation, which when rightly completed can point to bright futures for the market to set up. Furthermore, the total Cryptocurrency Market-Cap is building the local descending-wedge which when completed can lead to an initial reversal.
Upcoming Determinations:
Taking all these factors into the consideration here, the most determining factor is how the total Cryptocurrency Market-Cap manages to complete the local descending-wedge-formation because if this wedge should be completed with a substantial breakout and continued volatility this will be one step into the right direction. If the fortunate case settles and the total Cryptocurrency Market-Cap continues with great and solid volatility once the breakout happened the second confirmation is developed once the market breaks out above the upper boundary of the broadening-wedge-formation as it is seen in my chart, if the market shows up with the sophisticated breakout then this is likely to point to further expansion destinies.
This is not a trading advice. Please analyse and take trades at your own risk. Nehcap cannot be held liable under any circumstance
