Was asked about if the chart pattern on $XRP, Silver, and now $CRV is applicable to other fundamentally sound alts "that are in similar chartwise positions as CRV" too. The user below then suggested $QNT as an example.
The answer is YES, a HTF accumulation bottom is a "universal" structure that can be applied to ANY market HOWEVER, when it comes to crypto you have to make sure you're looking at a chart with COMPLETE price history.
For example, if you look at the complete chart history of $QNT this is what you see:
1. First off, we don't have an accumulation base with a deviation and reclaim of range lows- so already this is not the same structure as something like $CRV.
2. When looking at complete price history we can see QNT went from $1.40 in 2020 to over $430+ at it's peak just 1 year later, an over 300x rally off of it's bottom already, just in the last 5 years. Compare this to something like CRV that is still AT that same bottom over the last 5 years, not 50x above it.
3. $QNT is still "digesting" its 400x move and currently forming a "neutral" consolidation structure, which could theoretically break either way, rather than a bullish accumulation base at macro range lows.
4. $QNT has HTF support in the green zone right now but you can see we've been testing it for essentially the entire consolidation. This is very reminiscent of $BTC at the 6-12k consolidation before our breakdown to 3k back in 2018.
If I had to analyze this chart, I would expect one of two of the paths below to play out- meaning, ultimately, I would not be too interested in QNT until/unless we hit $15 ish.
This is why it's important to make sure you are seeing complete price history of any given asset.
I’m turning 41, but I don’t feel like celebrating.
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So no, I’m not going to celebrate today. I’m running out of time. WE are running out of time.
Since we took our lows instead of our highs first it just means the next breach of our highs will be even more significant imo.
I would have considered fading a break of the highs if we didn’t take the lows first but now that we have it increases the odds that our next move to new highs will be a true breakout imo.
Will share an updated chart once I get to my comp in a bit.
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Some called me scammer when I launched a memecoin on Solana.
10 months later the President of the United States of America launched a memecoin on Solana.
Built different.