cryptotraderog

Bitcoin & Ethereum Potential W-Bottom Breakout Long!

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
Hi guys, this is OG from CrytopKnights back with another Bitcoin update. If you find value in my work, please do like, share, and comment. And also feel free to share your own technical analysis in the comments below.

Market Recap:
On May19th Bitcoin fell to a low of 30K and has been forming a symmetrical triangle. On June 8th, price broke down from the triangle at 35K and fell to a low of 31K. Price then formed an inverse head and shoulders and broke back within the symmetrical triangle, reaching a high of 38.5K. Price then consolidated within the symmetrical triangle for a couple of days before breaking down from the symmetrical triangle once again yesterday at the 36.3K level and price fell to a low of 34.6K. Since then, price has been consolidating.

Another potential way to view the overall market structure is to see not a symmetrical triangle but a descending triangle (as shown in the screenshot below). Regardless of whether it is a symmetrical triangle or a descending triangle , bulls need to break the pattern of lower highs in order to reverse the bearish trend . This means: 1. break and close above the downward sloping resistance trendline, and 2. break and close above 38.5K in order to form a higher high


Trade Setups:
BTCUSDT: Price is potentially forming a W-bottom pattern with the neckline at 36.2K. If price breaks and closes above this level while keeping the W-bottom formation intact and we see strong volume come in, I will be looking to take a long.
ETHUSDT: Price is potentially forming a W-bottom pattern with the neckline at $2450. If price breaks and closes above this level while keeping the W-bottom formation intact and we see strong volume come in, I will be looking to take a long.


If there are coins you want me to analyze, leave a comment in the comments section below!

As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
Comment: Bitcoin broke the 36.2k neckline and rallying nicely!

Comments

Thank you again for your great analysis.

This weekend evenings (Central) I am seeing orders set to buy at an area just above 34750, and then sell as we reach the bottom of a support band we seem to interact with often. That tells me that the majority of people in the market right now are looking to turn around profit. I've done this a couple of times but the Bitcoin fees make this not such a fun way to earn money on such a short swing. (I refuse to trade using Robinhood...)

I see more of the 'capitulation bears' turn into 'ABCD pattern bears'. The pattern bears see us into 42k band and then swing to the 22-24k area before breaking up. While possible, I just don't know there is enough buying/selling volume to push the price either way right now - especially as long as people are setting orders to swing trade.

I see your more modest pattern more realistic and potentially an area that we reach this evening. But I don't see us holding that level and instead dropping back. I have my downward trendline much tighter as we seem to be following that more closely.

+1 Reply
@conradkz, yes, agreed that we’d need to see some major volume/catalyst for price to really move in a significant way. Which is why I’m looking for more scalp trades for now, where I will look to take profit relatively quickly. Thanks for sharing your analysis here btw, good to see different views of the market. Feel free to share your analysis with our community whenever you want. Cheers.
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conradkz cryptotraderog
@cryptotraderog, Now I feel like I need to apologize to everybody! Ha. Although I've been here before. I think I bought some BTC at 40k following the May 'crash' so anyways am trying to do a better job and just lay low on these up-swings. No FOMO!
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@conradkz, no one can say for sure what price will do my man. Technical analysis is often wrong as well.
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you were so right! Thanks!
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@chesfiga, thanks for the support. Btc broke out even further than I expected. And eth followed as well :)
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Dados
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Great analysis!!

Xrp, please!!
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cryptotraderog kliviarocha
@kliviarocha, ok noted! and thanks for the support!
+1 Reply