Bitcoin (BTCUSDT)
Bitcoin had some minor patterns the past few days, including a W-bottom and an ascending channel. But now that price is getting close to the apex of the symmetrical triangle on the higher timeframe, it is now the main focus. Two days ago price actually broke out to the upside, but then broke back down within the triangle, which is usually a bearish sign and suggests a higher likelihood of a following breakdown than another attempt at a break up. Price is now hugging the bottom of the symmetrical triangle, and it will be critical for bulls for price to bounce here. A break of triangle support, combined with the fact that price had a false breakout to the upside, would solidify the case for a continued breakdown in the direction of the overall bearish trend. The levels to watch are the 34-34.5K on the downside and 38-38.5K on the upside. A strong candle close below or above those levels with strong volume will likely dictate the direction of the breakout.
Ethereum (ETHUSDT)
Ethereum is coiling up for a large move as the 200MAs have flattened, and price keeps coming back to the 200MAs. If price were to break below the 200MAs, price could collapse quickly, so it is critical to watch the 2500-2600 support zone. That said, the bullish scenario of the W-bottom breakout pattern is still a potential setup, with the key level to watch being 2900. A break above 2900 with strong volume would confirm the larger W bottom breakout pattern and give a potential target of 4000+.
Ethereum (ETHBTC)
The ETHBTC pair has broken out above the golden pocket resistance of 0.072-0.073 and have actually retested it as support, confirming the breakout. The third and final confirmation would be a break above the initial breakout high at 0.075. This shows that in the recent dump (whether caused by Elon’s Bitcoin tweets or not), Ethereum held up better than Bitcoin. While we technically have a breakout entry signal on the ETHBTC pair, I have not currently opened up a position because ETHUSDT hasn’t confirmed the move, and moreover BTCUSDT hasn’t confirmed the move either. In short, I want to see ETHBTC breakout to the upside in a situation where BTC is rallying and ETH is rallying harder rather than the current situation of BTC dumping and ETH is dumping less. This is because BTC is still king, and will ultimately drag down ETH if it cannot rally as well, meaning that in the former situation, the ETHBTC breakout is more sustainable.
As always, I’m not a financial advisor, do your own research, and stay safe!
Bitcoin had some minor patterns the past few days, including a W-bottom and an ascending channel. But now that price is getting close to the apex of the symmetrical triangle on the higher timeframe, it is now the main focus. Two days ago price actually broke out to the upside, but then broke back down within the triangle, which is usually a bearish sign and suggests a higher likelihood of a following breakdown than another attempt at a break up. Price is now hugging the bottom of the symmetrical triangle, and it will be critical for bulls for price to bounce here. A break of triangle support, combined with the fact that price had a false breakout to the upside, would solidify the case for a continued breakdown in the direction of the overall bearish trend. The levels to watch are the 34-34.5K on the downside and 38-38.5K on the upside. A strong candle close below or above those levels with strong volume will likely dictate the direction of the breakout.
Ethereum (ETHUSDT)
Ethereum is coiling up for a large move as the 200MAs have flattened, and price keeps coming back to the 200MAs. If price were to break below the 200MAs, price could collapse quickly, so it is critical to watch the 2500-2600 support zone. That said, the bullish scenario of the W-bottom breakout pattern is still a potential setup, with the key level to watch being 2900. A break above 2900 with strong volume would confirm the larger W bottom breakout pattern and give a potential target of 4000+.
Ethereum (ETHBTC)
The ETHBTC pair has broken out above the golden pocket resistance of 0.072-0.073 and have actually retested it as support, confirming the breakout. The third and final confirmation would be a break above the initial breakout high at 0.075. This shows that in the recent dump (whether caused by Elon’s Bitcoin tweets or not), Ethereum held up better than Bitcoin. While we technically have a breakout entry signal on the ETHBTC pair, I have not currently opened up a position because ETHUSDT hasn’t confirmed the move, and moreover BTCUSDT hasn’t confirmed the move either. In short, I want to see ETHBTC breakout to the upside in a situation where BTC is rallying and ETH is rallying harder rather than the current situation of BTC dumping and ETH is dumping less. This is because BTC is still king, and will ultimately drag down ETH if it cannot rally as well, meaning that in the former situation, the ETHBTC breakout is more sustainable.
As always, I’m not a financial advisor, do your own research, and stay safe!
Comment:
ETHBTC pair put in the final breakout confirmation by breaking out above the high of the initial breakout at 0.075
