The post Is the Altcoin Downtrend Over? Key Patterns Indicate Bullish Reversal appeared on BitcoinEthereumNews.com.

Falling wedge and inverse head and shoulders signal potential altcoin market reversal. Long-term trendline support holds altcoins trade at 60-80% of previous highs. September breakout likely as altcoin market approaches critical support levels. The altcoin market could be on the cusp of a bullish reversal, with technical indicators suggesting a potential breakout. Following a prolonged nine-month downtrend, a falling wedge pattern has formed, potentially signaling a shift in market sentiment. #Altcoins Not many changes these days, but that doesn’t mean we’re in an exciting moment. -Breakout of a 9 month falling wedge complete ✅-Retest should also be almost complete ✅ What comes next should please the bulls. pic.twitter.com/x2236bZ4A2 — 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) September 6, 2024 This pattern, followed by an inverse head and shoulders formation, could signal the start of a new upward trend.  Technical Patterns Hint at Reversal The current technical analysis, which was noted by @el_crypto_prof, reveals a falling wedge pattern, often seen as a bullish reversal signal. This pattern is characterized by two converging trendlines that capture the price’s downward movement.  Within this wedge, an inverse head and shoulders formation has also developed, adding further weight to the potential for a market reversal. If the market successfully breaks above the neckline of this pattern, it could mark the beginning of a sustained upward trend, reversing the bearish sentiment that has dominated in recent months. Long-Term Trendline Support Holds Significance Crypto analyst Mags had also emphasized the importance of long-term trendline support in the altcoin market. On his X account, Mags highlighted that altcoins are currently trading at 60-80% of their previous highs, while the Total2 index, which tracks the market cap of altcoins excluding Bitcoin, is testing a crucial long-term support level. #Altcoins are trading at 60-80%,while Total2 is testing its long-term trendline support, which has been…

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Filed under: News - @ September 6, 2024 6:24 pm