TOTAL3
Guys, today I will analysis TOTAL3 so that you can guess what's coming next for alts.
First of all, what's TOTAL3 chart? It's an accumulation of Total market caps of all coins excluding BTC & ETH. So, we can have a knowledge about the move of all coins except BTC & ETH, that is, altcoins.
So, on the weekly timeframe, if we put simply fibonacci tool from swing high to swing low, it’s clear that this index has completed its 61.8% - 78.6% retracement (check first screenshot) which is often indicated as GOLDEN POCKET ZONE. This index has consolidated in this zone for about a month and now ready to expand. Target should be the all time high in this index.
The Elliott 5-wave theory also support (check second screenshot) this analysis, so it’s a confluence to my analysis. 4th wave is done, now the final wave remains pending.
Now, in the daily timeframe, there’s a downward trendline (check third screenshot) which must be broken in order to trigger this bullish outcome. This trendline has been tested 4 times and now approaching to test 5th time. Will it be a lucky charm? Let's see. Weekly resistances are indicated as red horizontal rays in the screenshot. You should take profits from your positions in that zones. Now is the good time to buy alts.
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HAPPY TRADING 🫡
