Crypto Market Update: Ready for the next leg up?
Technical Analysis (Daily Charts):
The last few weeks of consolidation formed an inverse head and shoulders pattern (https://www.investopedia.com/terms/i/inverseheadandshoulders.asp) on the daily chart. This pattern pending a daily close above 61,800, indicates a short term price target of $70,000+.
After the breakout of the symmetrical triangle last weekend Ethereum formed a megaphone pattern on the lower time frames, now seen on the daily chart. We are now breaking out of that consolidation. Completion of this pattern indicates a short term price target of $2500+. Pending a daily close above $2180.
Cardano is breaking out of a bullish pennant at its 2017 bull market all time high. A daily close above $1.34 indicates a medium term price target of $2.40+.
Uniswap broke out of a coil yesterday and rallied over 20% pattern projects a short term price target of $48+.