Triangles of Compression! Where we break from here will be very important in giving a better idea of which way this market is heading. This support trend line has not been broken since our bull run breaking below it would be a big FUDer. We have two triangles that must be broken. I mentioned in my last analysis that it would be a good idea to buy at this trendline where we currently are finding some support. This would give some cushion as price should gravitate toward the apex of the triangles and then break one way or another. I would recommend selling out quickly if we do break below any trendlines in a drastic manner (high volume).
My last analysis pointed out the Bearish Gartley pattern that had formed and since that point we have been dropping. We have satisfied the Gartley as we have dropped somewhere between the B and A; although, usually we see retracement down to the C or the A. I think this could still play out and we could find support at the A level. And, superstitiously Bitfinex had a very bizarre candle with extreme volume at 8:30 am on March 28. This candle wicked up to our recent high to 9500 and it also wicked down as far as 8750 which would be close to the A of our Bearish Gartley (8700). Finding support at that level could proved a short term trade but at that point we would have printed our first lower high and lower low in this bull run and effectively could start us on a stair step downward bear pullback. Unless you're shorting, I wouldn't recommend trading a bearish pullback. I would be buying whatever price BTC/alts are at after such a pullback because I believe the dark days of BTC are nearing an end, where could it go ? I don't know, with all the fomo and buying recently I don't think we would get below 7k.
My last analysis pointed out the Bearish Gartley pattern that had formed and since that point we have been dropping. We have satisfied the Gartley as we have dropped somewhere between the B and A; although, usually we see retracement down to the C or the A. I think this could still play out and we could find support at the A level. And, superstitiously Bitfinex had a very bizarre candle with extreme volume at 8:30 am on March 28. This candle wicked up to our recent high to 9500 and it also wicked down as far as 8750 which would be close to the A of our Bearish Gartley (8700). Finding support at that level could proved a short term trade but at that point we would have printed our first lower high and lower low in this bull run and effectively could start us on a stair step downward bear pullback. Unless you're shorting, I wouldn't recommend trading a bearish pullback. I would be buying whatever price BTC/alts are at after such a pullback because I believe the dark days of BTC are nearing an end, where could it go ? I don't know, with all the fomo and buying recently I don't think we would get below 7k.