In short: Top altcoins, including Ethereum, Litecoin, Chainlink, and Fetch.AI, have recently formed a morning star pattern on their weekly chart, indicating potential bullish reversal patterns and a strong chance of an upside. The pattern is expected to be confirmed within the next 3-5 weeks. The recovery of blue chip altcoins from the deep selloff in June, due to ongoing regulatory uncertainty and the SEC's enforcement against Binance and Coinbase, could spark a significant bullish trend across the altcoin space.
Our quick analysis:
The world of cryptocurrency is full of surprises, and altcoins are no exception. Recently, a morning star pattern has formed on blue-chip altcoins like Ethereum, Litecoin, Chainlink, and Fetch.ai, which could be a potential bullish reversal pattern with powerful implications.
Earlier this June, the United States SEC took enforcement action against Binance and Coinbase, causing a deep selloff in many top altcoins, including MATIC and SOL. However, the market staged a strong recovery following the news that BlackRock and several other institutions were filing for Bitcoin ETFs. This turnaround was especially powerful in oversold altcoins, leading to the formation of the morning star pattern.
Although the pattern has solidified as of Sunday night's weekly close, it must be followed by further upside to fully confirm, expected to materialize within 3-5 candlesticks or weeks. The recovery of more fundamentally-sound and regulator-friendly coins like Ethereum and Litecoin may spark a more significant bullish trend across the altcoin space.
So, keep an eye on the morning star pattern and the potential bullish trend it could bring for altcoins. As the cryptocurrency market continues to be unpredictable, we can always expect to be surprised by new developments and patterns like this one. Stay informed and make smart investments.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
0 Comments
Please, behave!