ETH Breaks Out After Bullish Divergence, Altcoin Momentum Building
In a recent post, van de Poppe emphasized that a higher low had formed on ETHs chart, setting the stage for an explosive breakout. The latest price action validates the bullish divergence and confirms a clear trend shift to the upside.
The higher low confirmed, and then, a massive breakout took place. The trendswitch is clear, wrote van de Poppe.
Chart Breakdown: From Divergence to Breakout
The accompanying chart shows ETH/BTC forming a falling wedge pattern that resolved decisively to the upside. Key elements highlighted include:
- Liquidity zone taken out
- Crucial resistance broken
- Strong follow-through with expanding volume
ETHs strength in the BTC pair reinforces market-wide optimism surrounding altcoins, with the analyst suggesting this is just the beginning.
Altcoins Showing Weekly Bullish Divergences
While ETH shows a daily bullish divergence, van de Poppe notes that many altcoins are flashing weekly bullish divergences a longer time-frame signal that often precedes sustained uptrends.
The post ETH Breaks Out After Bullish Divergence, Altcoin Momentum Building appeared first on Coindoo.
Read more: https://coindoo.com/eth-breaks-out-after-bullish-divergence-altcoin-momentum-building/
Text source: Coindoo
