We have a combination of signals you most likely already know by memory, that is if you’ve been reading all the Altcoin charts we’ve been sharing.
Let’s review those signals together as a learning exercise.
Repetition is the key to learning.
The pair is for Idex vs Tether US – IDEXUSDT
We have a low late December 2022.
This is a rounded bottom, marked here yellow with a cup pattern.
The ensuing action is quite standard across the Altcoins market.
✔️ IDEXUSDT produced a strong bullish wave early 2023 and then entered a long-term correction phase. This correction ended 18-August in a higher low compared to Dec. 2022.
After the mid-August low, trading volume can be seen rising as a new rounded bottom pattern forms.
✔️ Prices are now trading above EMA10 and EMA21 while battling EMA50.
Closing and staying above EMA50 confirms mid-term bullish potential, an easy target of 225%.
Additional support to the fact that the correction is over can be seen by looking at the volume, it is really low s prices go down, goes up as the higher low is hit.
All pretty standard.
➖ A low leads to a bullish wave.
➖ After the bullish wave we get a correction.
➖ After the correction another bullish wave…
Rinse and repeat until the market cycle is over.
Additional details on the chart.