To top it off, the pattern coincides with certain lines in the Fibonnaci channel I charted for you all last week.
You'll see that the lines up pretty well with the as well.
In addition to that, my major resistance line has been convincingly broken (pink line).
So I'll be entering a long here (~$11,450) with a tight stop loss ($10,900)
I will take some profits at top of the channel, depending on any relevant fundamentals. But I do expect this next play to be a break out of the channel / flag.
I think the play is detailed pretty well in the chart, but I'll explain it anyways for those that like detail.
The FIB channel is "upside-down" because this is downward price action (FIB level 0 is top, level 1 is the bottom), and that's how FIB channels work.
Step-by-Step. Fractals are patterns or price-action that repeats.
1) Bottom of channel
2) Travel back up to around 0.382 level
3) Correction down to 0.786 level
4) Travel up to return to top of channel (0 level)
As always, please feel free to ask questions. Hope this analysis helps!
Also, I think it's easier to follow visually. Like a Sesame Street Version.
Thank you, just trying provide perspectives different from the ones that are constantly posted
I'm not a big fan of freehand drawing price action, or predicting exact movements. I think TA is more useful for overall direction versus immediate action. It's why higher time frames tend to be more accurate than lower time frames (1D chart vs 15min chart)
I'll keep my eyes out for more stuff like this
This appears to be reaction to news about Tether being subpoenaed. People panic dumped.
Since majority seem to read only headlines, they probably missed the bit about the subpoena being issued early December.
The fact that Tether is still "printing" more tether, after the subpoena, is a pretty good sign that they have the money to back it up.
TA-wise, we're currently at the .786 FIB with what seems to be good support. From there we have the final FIB line / support at around 8.5k.
I expect a bounce at current price level though.