Topics discussed:
30m chart we broke down as mentioned yesterday after creating lower highs from $6800 then breaking under $6600
Told y’all about 6800 top from the 1D chart last week
ETH short closed (told y’all about the daily descending parallel channel): $230 to $210
4h chart had given you a signal few days back that we are on the td 13 top + ichi top
\u2028\u2028Weekly RSI still trapped
Projections: Hover near $6300/6400 for the next 24 hours and retest $6120 support at some point
30m chart we broke down as mentioned yesterday after creating lower highs from $6800 then breaking under $6600
Told y’all about 6800 top from the 1D chart last week
ETH short closed (told y’all about the daily descending parallel channel): $230 to $210
4h chart had given you a signal few days back that we are on the td 13 top + ichi top
\u2028\u2028Weekly RSI still trapped
Projections: Hover near $6300/6400 for the next 24 hours and retest $6120 support at some point
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You can see my call of the 6800 top here and the spill call for downside in this video
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Macro outlook. We are coming close to the end of the month and if we close below $6384 we will continue our macro downtrend!
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Ranging sideways on the 1h here. You can see the cloud matches our s/r level of $6466 almost exactly. It seems from our first bounce off $6384 to $6466, we've created a lower high since then. If we keep retesting $6366 as support, it may break.
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30m chart we've broken under the $6384 support that was clearly holding us up for the last 12 hours. The next strong support is $6120.
Keep in mind that we need to watch the 4h candle closings
Keep in mind that we need to watch the 4h candle closings
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Bear flagging on 2h chart right at $6384 support. Red arrow shows potential movement.
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The bear flag shown did not break to the downside. Instead, we printed an i h&s pattern which broke up past the $6466 resistance and retested the $6550 area. It now seems we're creating a descending parallel channel. It's hitting the top of the bollinger bands and also printing a 10 so we may expect a slight pull back and then a retest to see if we can break $6550 again. But the higher time frames still show more bearish behavior.
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4h chart shows we're hitting the middle bb band + tenkan line. Still within the bounds of the cloud though.
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If this rising trend line becomes resistance look for the below fib levels.
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Back in the descending parallel channel as well.
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Gravestone doji on the 1h chart against the rising yellow trend line and BTC trying hard to escape the descending parallel channel.
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