A multiple of some of the most popular crypto selections shows that we are now on support, which has previously caused a large rally in the crypto market.
A great spot to make an entry imo.
A great spot to make an entry imo.
Comment:
That break of the support last week was unfortunate and I'm analyzing bitcoin right now. I have created a fractal of a previous pattern below and it is following it. Today is very important for it to break the red line or else it might continue what the previous pattern did, go down. I also see the stoch making a wedge pattern, these are usually signs of a reversal, but since it is on the hourly, it would be a smaller move and the daily indicators look strong to me.
In short bitcoin has to break that red line and then get above 40k within the next couple days to give back confidence that this drop was just a raid on shorter term traders.
In short bitcoin has to break that red line and then get above 40k within the next couple days to give back confidence that this drop was just a raid on shorter term traders.
Comment:
It seems quite likely that the pullback is done. You can see crypto has broken out of the down channel and is staying course upward and has now just started to break the hourly supertrend. Bitcoin itself has also done both too.
Potential resistance points are those orange lines.
Potential resistance points are those orange lines.
Comment:
It's been a while since an update, now crypto finally hit that orange line and got resisted, so I don't expect it to continue a fast uptrend just yet.
I did notice that there's this grid of support and resistance and so now I believe it is possible that it'll toy around in this new grid for April. I drew a potential projection for fun, but crypto could go even crazier than that if it breaks the resistance.
Also I noticed that it likes to break my supertend to look bearish but then that range becomes the buy zone, so keep an eye on the prices seen around March 20th as potential buys.
I think crypto is looking healthy now and expect FOMO to go nuts if it breaks that first orange resistance.
I did notice that there's this grid of support and resistance and so now I believe it is possible that it'll toy around in this new grid for April. I drew a potential projection for fun, but crypto could go even crazier than that if it breaks the resistance.
Also I noticed that it likes to break my supertend to look bearish but then that range becomes the buy zone, so keep an eye on the prices seen around March 20th as potential buys.
I think crypto is looking healthy now and expect FOMO to go nuts if it breaks that first orange resistance.
Here's a screen grab of my daily chart for more details: