Bitcoin & Ethereum Potential W-Bottom Breakout Long!
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!
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!
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