Crypto analyst Miles Deutscher observes that altcoins are forming a flag pattern on lower time frames while maintaining a bullish reversal trend through higher lows. What this means is that altcoins are experiencing short-term price fluctuations within a narrow range, but the overall trend suggests they are preparing for a potential upward surge.
However, unlike Bitcoin, altcoins have not yet broken above their channel high or previous local high. A full-scale breakout seems likely, potentially post-election, but short-term pullbacks are expected. Over the next two weeks, traders should brace for volatility, avoid leverage, and watch out for false signals.
Crypto Market Cap at a Crucial Point
The total crypto market cap, excluding Bitcoin and Ethereum, is approaching a critical juncture as it nears the apex of a symmetrical triangle within a descending channel. Resistance is between $630 billion and $650 billion, where a breakout could signal a bullish reversal for altcoins.
However, failure to surpass this resistance might lead to further downside pressure. Volume confirmation will be crucial, as it will dictate whether momentum shifts upwards or deeper losses…
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