The problem is, Bitcoin' has a big below it, even up to 3300/250. But if Bitcoin' makes a drop below 3500/450, the neckline of ETH' will probably break and it will likely continue to drop to the Dec low. But i don't see that happening if Bitcoin' stays above the 3200. So in other words, if the neckline of ETH' breaks with very high , it would mean the whole market will crash again coming week. So for Bitcoin if would also mean it will prob break the 3000 and who knows how ugly things will get if the 3200/3000 breaks.
I will remain hesitant, until i see a big candle in or above that red zone. ETH' also has been very leading of the market the past month or 2, so things just looking very bad at the moment. Now even if we do move up, it is also just as important that we see a big buy candle. As we can see in the yellow highlighted area, the green candle is still small. It was the day that Bitcoin' made that bear trap move i mentioned. But now we can see the that day was simply not enough to make another push up. So we need more than that. The first red zone on the right is the first resistance the bulls need to break. Getting above the second one could mean the current bear trend might be over. For the bears, that blue zone seems to be a as well inside the neckline zone. So that level would also be a first indication of more movement.
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you're showing a bearish wedge, and in the larger picture that's true. but if you look in the pic on the right, at those 2 lows that dip way below the 115-117 support, those make it look more like a normal triangle. eth has already "crashed" and recovered within 1 candle a few times. looks like the bulls showing a bit of confidence. it could easily dump now, but it would be if the manipulators decide to do it. it doesn't look like eth will be dragging the whole market 1 way or another like BTC always does. ETH will need better fundamentals, more real-world adoption, and more fiat ramps before that happens.
It's not a wedge i am showing, but simply a triangle. With triangles it can always go both ways, but there are/were several factors in favor of the bears. Those wicks are very confusing in crypto, because of the extreme manipulation on the short time frame (stopping out leveraged traders). That is the whole problem, it could get dumped so easily by certain people, it only needs a few million $$ to make the market cap drop 1 billion. That's actually very sick!
The things i mentioned in the analysis, it's not what my gut is telling me, it's a pure objective view. After my post it also broke up and at the moment still above the triangle, but still no real confirmation