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.
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