Diamond, Pennant and a Bear flag (Narnia of crypto)
This one is complicated.
We are inside of a BEAR flag, also we have just broken a perfectionist's diamond reversal pattern with ideal parallel edges.
We have long term downward trendline ahead of us.
Also we have formed a short term BULLISH pennant.
A target for the pennant is 3110
A target for the diamond is 3110!!
Top of the bear flag in this case is 3110!!!
3110 is the 0.236!!!
mageeeeec....
I have observed many times that when BTC retraces to a classical 0.382 ALTS make it all the way to 0.236 (so called ALT SEASON) especially ETH, many times.
So if this plays out I expect BTC to go to 40K (0.382) and get rejected at least for a short term, while ETH MAYBE can go and complete its patterns at 3110
So there is a chance we will indeed go there.
3110
A retest of 2640 is possible prior, trade with caution.
In times like these PROTECTING THE CAPITAL is more important than quick gambling-like scalps
That is my personal idea and not a financial advise
We are inside of a BEAR flag, also we have just broken a perfectionist's diamond reversal pattern with ideal parallel edges.
We have long term downward trendline ahead of us.
Also we have formed a short term BULLISH pennant.
A target for the pennant is 3110
A target for the diamond is 3110!!
Top of the bear flag in this case is 3110!!!
3110 is the 0.236!!!
mageeeeec....
I have observed many times that when BTC retraces to a classical 0.382 ALTS make it all the way to 0.236 (so called ALT SEASON) especially ETH, many times.
So if this plays out I expect BTC to go to 40K (0.382) and get rejected at least for a short term, while ETH MAYBE can go and complete its patterns at 3110
So there is a chance we will indeed go there.
3110
A retest of 2640 is possible prior, trade with caution.
In times like these PROTECTING THE CAPITAL is more important than quick gambling-like scalps
That is my personal idea and not a financial advise