A new analysis that mirrors one of my previous analysis for bitcoin. You can see both triangles on this chart.
Previously, the big triangle that took up to the 9k region did not hit exactly its target at 9200, so I have made a more conservative estimate for this triangle, measuring it at around the same point on the previous one, proportionally to its size. Also we have just confirmed above the 55 EMA which has been very important the past couple of months. So the target is around 8.5k.
It's a good R:R, and a strong break back above 8k could restore some confidence to the market. Would also need to see high volume on breakout, otherwise it's not so convincing and might turn into another bearish wedge.
Verdict: buy bitcoin, sell alts. Adhere to stop loss.
Please don't forget to leave a like!
-Etch
Previously, the big triangle that took up to the 9k region did not hit exactly its target at 9200, so I have made a more conservative estimate for this triangle, measuring it at around the same point on the previous one, proportionally to its size. Also we have just confirmed above the 55 EMA which has been very important the past couple of months. So the target is around 8.5k.
It's a good R:R, and a strong break back above 8k could restore some confidence to the market. Would also need to see high volume on breakout, otherwise it's not so convincing and might turn into another bearish wedge.
Verdict: buy bitcoin, sell alts. Adhere to stop loss.
Please don't forget to leave a like!
-Etch
Comment:
Update: We bounced off the top of the triangle. This also happens to be the 10 EMA (red) and the .381 fib level. We should make something like a nice hammer doji before the next wave up.
On the other hand, volume so far has not been massively convincing, and I'm not too sure what's going on with alts. Some people are calling for the bear market to take off in the next few days and other are calling for alt season. I'll update on this later on my LINK chart, the only altcoin that matters.
On the other hand, volume so far has not been massively convincing, and I'm not too sure what's going on with alts. Some people are calling for the bear market to take off in the next few days and other are calling for alt season. I'll update on this later on my LINK chart, the only altcoin that matters.
Comment:
Good entry here or to add to your position if you didn't enter yet.
Maybe this wedge on the 3H will play out to take us to the first resistance, and then get some kind of bull flag or another wedge taking us to the 8500 target. The target of this wedge is about 8250 so you could take some profits there.
Maybe this wedge on the 3H will play out to take us to the first resistance, and then get some kind of bull flag or another wedge taking us to the 8500 target. The target of this wedge is about 8250 so you could take some profits there.
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