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 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 (as shown in the screenshot below). Regardless of whether it is a symmetrical triangle or a , bulls need to break the pattern of lower highs in order to reverse the . 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
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 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 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!
Youtube Video Analysis: https://www.youtube.com/channel/UCPwR8Rv2YVI7qZIhedX7pQw
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.