COTI primed to make a move (vs BTC)
COTI has been overall bearish since setting ATH in late March. Tried to rebound on 4/21, but was sharply rejected and sent down below 21/50 MAs where it has lived since. Price is wedging and a symmetrical triangle is forming with daily downtrend (continuation pattern).
Just based on the chart alone, I would not be surprised to see a pump, rejection, and to follow a similar pattern to the start of the downtrend after ATH (drawn circle, bar pattern) ultimately continuing the downtrend. However, if the altcoin market pumps -- or we hear more fundamental news like the ADA partnership -- this could be propelled out of the downtrend on the coattails of the rest of the market.
Personally, I am bullish on the altcoin market in the short term, so I do expect it do break out of the downtrend anecdotally, but the chart disagrees. Good one to watch.
Update: noticed a bullish divergence on the RSI shortly after posting, see additional image.
Just based on the chart alone, I would not be surprised to see a pump, rejection, and to follow a similar pattern to the start of the downtrend after ATH (drawn circle, bar pattern) ultimately continuing the downtrend. However, if the altcoin market pumps -- or we hear more fundamental news like the ADA partnership -- this could be propelled out of the downtrend on the coattails of the rest of the market.
Personally, I am bullish on the altcoin market in the short term, so I do expect it do break out of the downtrend anecdotally, but the chart disagrees. Good one to watch.
Update: noticed a bullish divergence on the RSI shortly after posting, see additional image.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.