Hello dear crypto friends, hope you're doing well guys! ;)
If you're following the general sentiment currently, you will see many colleagues showing at this downward tilted channel on the Daily Chart:
=> If we were to focus on that solely, we could expect a move towards $14k, once $12k breaks. But here is my problem with that channel:
=> On the Weekly Chart, the importance of the channel completely disappears. We can see that the higher High candle bodies are coming at $11,4k, around the range where we're currently moving at. The clear higher Low is coming in at $9k psychological: If we fail to close the Weekly candle clearly above the $11,4k, we could further tighten between those ranges in the coming weeks.
What's the current price action?
On the 4H Chart we are currently having a clear Equilibrium pattern going on, which will see further tightening & a break coming.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
If you're following the general sentiment currently, you will see many colleagues showing at this downward tilted channel on the Daily Chart:
=> If we were to focus on that solely, we could expect a move towards $14k, once $12k breaks. But here is my problem with that channel:
=> On the Weekly Chart, the importance of the channel completely disappears. We can see that the higher High candle bodies are coming at $11,4k, around the range where we're currently moving at. The clear higher Low is coming in at $9k psychological: If we fail to close the Weekly candle clearly above the $11,4k, we could further tighten between those ranges in the coming weeks.
What's the current price action?
On the 4H Chart we are currently having a clear Equilibrium pattern going on, which will see further tightening & a break coming.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :)
Edgy is providing online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
