Price is nearing a strong support and bearish sentiment has slowed down for now. Next, I expect a rally up to the last major area of structure.
Conditions: -A candle needs to close above the purple line [50 period moving average]. -There needs to be some solid buying pressure on the cross and retest [Long Lower Wick, High Volume, etc.]
I hope you’re right but have a bad feeling entire alt coin market is moving to another lower low correction
benjo93
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@Nickquick7 I kind of feel the same way, we will know soon enough.
thecuriouscatapult
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these technicals are great and normally I give them a lot of credit, however there is a larger play at hand here which is the BTC Wyckoff distribution. nothing's going anywhere until that is finished which will bring BTC to roughly 25k give or take 5K. Once that's done we can begin our Consolidation and resume charting and analyzing with regards to trajectories and resistance/supports.
benjo93
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@thecuriouscatapult thanks for your feedback, I'll take a look at the Wyckoff distribution.