We have been in this consolidation phase a little bit over 6 days. Currently, the price has drawn to us a "Triangle" pattern and we have a where the price moves downwards.
Yesterday we got a small sign that the price may come down and test the lower levels, it made a downwards breakout from the Triangle which is a sign and also we got a retest the Triangle which is almost like a textbook example, but currently, on the four-hour chart, we could see that there is a very strong level - $6250.
The price has tried to break this seven times and all those attempts were unsuccessful and it bounced back above the mentioned level. So, basically, we have a sign that we may go downwards from triangle breakout, and now, if we get a close below the $6250 then this could mean that there is a very high probability to go test the lower levels! A small sign comes also from ALTS, they are on the 'red side' and many altcoins approaching the 2018 low levels!
If we start to drop then the first support is around the $6000 where the round number and the bottom makes a crossing area + there is also the major counter which is pulled from 24. June low to 14. August low and it could start to work as a support!
I think we may go and test the lower levels, the Triangle breakout pattern shows us that the target would be almost exactly on the 2018 low point at $5755! There we can watch what the price action shows to us and decide what we can do for next but firstly we have to break the $6250 and we need at least 4h candle close below this level!
Hopefully, this quick overview helps You out a little bit to confirm Your own analysis!
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In the 15 min. timeframe, again, soon we could see a movement because the price is pushed together into the tight range. Signs will tell that we could see a move downwards but be very careful maybe the market wants to think differently! ;)
There meet two trendlines previous counter up-trendline and the main channel trendline! IF it breaks upwards from the mentioned box then it would be a little price structure change because there we make an HH on the 15 min. chart!
The buyers were alert because each bigger selling attempt was pushed quickly back upwards. So, this action drew for us a smaller Triangle and we made a breakout upwards from it with a nice volume inside the candles. We didn't get a bounce from the trendlines crossing area and slowly we made a breakout from the channel and slowly we made a short-term higher high.
Currently, we are back above the counter trendline (pulled from 08 Sep.) but below the April low and below the round number $6500. These orange price zones are strong resistances and at the moment we got a bounce from the April low and from the lower orange resistance area. The small throwback will guide us to the counter trendline and there we have to watch what the price action wants to tell and show us but currently, looks like the price shows some bullish strength and momentum and we may go higher than $6500 but the candle which guides us through these levels have to be full of volume!