I'll be posting my from now, as it allow me to clear my mind by writting what's going on the market, and in the same way it could help you to figure out "what's going on" ?
Let's be clear and start straight to it, the market is quiet difficult to understand as we are getting close to the end of the krash ( to my opinion ), so we have 3 options here
It's been now 10 days that we are in a kind of a range OR a , which could have turn into a bear trap but it doesn't seems to be really the case anymore as we have drop back today to the lower part of the chanel and break it... but the break is clearly showing some sign of weakness.
So i would say that until we don't break the blue chanel as a support arround 6100-6250, this area have to hold, if not, as a bull you don't want to see the price break down to 6k because in a short time it could break the 5800 and reach the 5200 - 5000 lower part of the chanel ( which is the red line scenario you can see on the chart )
To be clear, as english is not my first language, here are the possibility and i'll process like that in the next update and TA i'll made.
BLUE LINE = 40% - We have to see a reaction on the 6100-6250 area ( max 6050 ), otherwise it could turn to a range and lead probably to a drop
BLACK LINE = 50% - Even if we have completly eat the whole 10 days up by a single red candle, it could really be just a matter of a big range, which would explain why the market is so painfull to analyse and in that case, you better stay out untill a decision is taken
RED LINE = 75% - I do have faith in the blue line scenario, but indeed, i cannot ignore the real possibilty of a panic movement that we finally lead us to the end of the krash ( hopefully ). To remind the area for the red line are arround 5k8 first than 5k2 5k, if we manage to break the 6k support
That's it for now until the market decide to show something else, it help me to put this on a note, so if you appreciate my TA, feel free to follow me, more stuff will come.
If you doesn't appreciate my TA, i'll be happy to read your comment and discuss about your though if you want to, otherwise, a thumb up will be appreciate, thank you !
BTC is about to do something, i'm don't like to talk about correlation between ETH and BTC, as we are coming closer to the end of the crash and i think ETH have probably already made his bottom due to the volume he had.
However, with that actual drop, ETH has gone through a triangle compression pattern which lead to a continuity, and now he is doing a perfect bearflag aswell, WHEN BTC, has already did one drop, now doing the triangle compression pattern which seems to be about to lead down right now as i'm writting this, would we see the bear flag after that ?
RED LINE SCENARIO, is the one mostly likely to happen.
Quick update - As long as the red area as a resistence and the small double top you can see in a M15 hold, we may have done for the upward move for today and see the red line happen, bull have to hold, bear have to break through 6k1
Otherwise, if bull manage to break that chanel and the small double top, it could be a big triangle as you can see on the chart
Wait n see for now until we got more clear decision
It's most likely a range so 50/50, everything can happen