There’s a good chunk of altcoins positioned for a breakout. 🥚
Let’s take a look at them now: Basic Attention Token, Flow, and Monero.
Also, check out our Ichimoku 101 article if you’re unfamiliar with it!
Basic Attention Token
If you read the Bitcoin article above, then you’re familiar with the Ideal Bullish Ichimoku Breakout setup. ⤴️
In order for that to occur, $BAT needs to close above the top of the Cloud, above $0.1909.
However, there may be some difficulty. Senkou Span B is the strongest level of support/resistance within the Ichimoku system, and when it’s flat over a long period of time, it exacerbates that strength.
So, any close above Senkou Span B would be a significant event. 🟢
FLOW
While not displaying a major breakout, $FLOW‘s chart is showing signs of a bottom forming. 🫓
After two years of pushing lower and lower, FLOW might find some relief soon.
The currently weekly candlestick is developing into a very powerful candlestick pattern known as a dragonfly doji.
Additionally, if FLOW closes at $0.443, it’s the first time it has closed above the weekly Tenkan-Sen since the week of June 26.
Another major sign that the bottom might be in is the volume profile, which shows a metric crap ton of buying and selling between $0.40 and $0.57. 💵
Monero
$XMR’s weekly chart is the definition of what consolidation looks like. 🕵️
For almost all of 2023, a breakout above the weekly Cloud has been, at best, a fantasy – until this week.
In just two weeks, the top of the Cloud (Senkou Span B) dropped from $193 to $163 and will fall again to $158 starting next week. For Monero, that means it will have the first major opportunity to break out above the Cloud in over two years.
And there’s significant support for Monero’s price, too. On the weekly chart, the bottom of the Ichimoku Cloud (Senkou Span A), the Kijun-Sen, the Tenkan-Sen, and the VPOC are all positioned within the $145 – $150 value area. 🪬
Monero’s daily chart could be giving traders an early heads-up to a breakout.
Monero completed an Ideal Bullish Ichimoku Breakout on October 6 and just completed a breakout test yesterday.
But we’re entering the weekend, and that’s when shenanigans happen, so keep your eyes open. ☘️