Bullish Signals Everywhere — Crypto Market Status, 17th May 2024

It looks like we're getting closer to the end of the consolidation phase that started almost 2 months ago.

Many #altcoin chart patterns are about to breakout or broke out and retesting right now.

- $LINK is a perfect example of a token that is about to break out, facing the major resistance at 16 USD.

- $JASMY already broke out of its bullish pattern and is currently retesting.

And there are tons of tokens with a similar setup.

As a result, altcoins market cap went above 1T again.

$BTC still trades in its bullish downward channel. However, I think there's some likeliness that Bitcoin will continue to move sideways while alts have their turn and make some gains. In order to create further upside momentum #Bitcoin needs to break the level 67,500.

Last but not least a look at trading signals: It's the second day without a bearish signal on the daily chart and bulls are also in control on the hourly.

Let's ride!