Altcoin Market Cap Bullish breaking above Cloud and Golden Cross
The short term Altcoin Market Cap is looking very bullish here in my opinion.
The last time we broke above the Ichimoku cloud we saw almost 3x gains and now we have broke above the cloud again with 70B acting as support here.
We can also see the 50 day MA crossing above the 100 day MA which signals a bullish trend a golden cross with the 50day now approaching the 200 day MA also.
The Fibonacci retracement also shows a first target at the 0.382 level of 90B, followed by the 0.5 fib level of 100B. Should we break through these levels then we are looking at the 0.618 level of 110B which if we can pass would soar to above 140B at least.
In my opinion this is a short term view which could play out over the next 3 months or so.
The last time we broke above the Ichimoku cloud we saw almost 3x gains and now we have broke above the cloud again with 70B acting as support here.
We can also see the 50 day MA crossing above the 100 day MA which signals a bullish trend a golden cross with the 50day now approaching the 200 day MA also.
The Fibonacci retracement also shows a first target at the 0.382 level of 90B, followed by the 0.5 fib level of 100B. Should we break through these levels then we are looking at the 0.618 level of 110B which if we can pass would soar to above 140B at least.
In my opinion this is a short term view which could play out over the next 3 months or so.