Hello guys, quick update, it just hit my 198.55 target, pretty nice but another rejection at 50 EMA, been like that since early october.
The thing that I found lately is that there always a weird shakeout before every move I see. Is it manipulation, hard to say but it definitely play with people mind. Because as you can see, we got a huge wick down that caught a couple Long SL, a lot of $$liquid.$$ and we found a way to close above trend, kinda funny when you start predicting those weird move. Probably a sign that I got outplayed by a couple of them earlier LOL, gotta learn.
On M5 chart we have bullish rejection at 196.50 which is a really good sign for the moment. If we can hold there at 0,382 fib this would a really nice correction but I wouldn't be suprise to visit last high at 0.5 fib (195,66) but let's hope NOT! :D
Tonight is the monthly candle close which could be a really important point for ETH and BTC if we manage to close below 6383 this would mark a yearly low and from what I see on the H4 chart this could possibly be a double bottom pattern.
We have higher volume on the first dump and the first dump marks the lowest point out of the 2 bottoms. We got a higher volume on first peak, failed to make higher high since that peak and printing higher lows, a good sign of a bearish pennant.
The second dump confirmed the pennant and the dump ends up higher then the first one with lower volume which is another good confirmation of a double bottom pattern, for now.
Usually a double bottom pattern is a mark that a intermediate or long-term change in trend is coming. Which seems like a good point if you pay attention to the upper trend resistance, but you know, we are used to those fake breakout :) .
What I will be paying attention to today is the monthly candle close that will probably mark the yearly low on BTC then I expect in November the confirmation of the double bottom pattern. To confirm the pattern we will need to break 198-200 ~ resistance first, that would be first confirmation, the second and final confirmation will come from closing above 208 ~ and break upper trend resistance. When this happen, the double bottom reversal will be done.
So this is an important day for us, cryptonerds, have a good days guys, have fun trading and of course keep LEARNING !
vOid
The thing that I found lately is that there always a weird shakeout before every move I see. Is it manipulation, hard to say but it definitely play with people mind. Because as you can see, we got a huge wick down that caught a couple Long SL, a lot of $$liquid.$$ and we found a way to close above trend, kinda funny when you start predicting those weird move. Probably a sign that I got outplayed by a couple of them earlier LOL, gotta learn.
On M5 chart we have bullish rejection at 196.50 which is a really good sign for the moment. If we can hold there at 0,382 fib this would a really nice correction but I wouldn't be suprise to visit last high at 0.5 fib (195,66) but let's hope NOT! :D
Tonight is the monthly candle close which could be a really important point for ETH and BTC if we manage to close below 6383 this would mark a yearly low and from what I see on the H4 chart this could possibly be a double bottom pattern.
We have higher volume on the first dump and the first dump marks the lowest point out of the 2 bottoms. We got a higher volume on first peak, failed to make higher high since that peak and printing higher lows, a good sign of a bearish pennant.
The second dump confirmed the pennant and the dump ends up higher then the first one with lower volume which is another good confirmation of a double bottom pattern, for now.
Usually a double bottom pattern is a mark that a intermediate or long-term change in trend is coming. Which seems like a good point if you pay attention to the upper trend resistance, but you know, we are used to those fake breakout :) .
What I will be paying attention to today is the monthly candle close that will probably mark the yearly low on BTC then I expect in November the confirmation of the double bottom pattern. To confirm the pattern we will need to break 198-200 ~ resistance first, that would be first confirmation, the second and final confirmation will come from closing above 208 ~ and break upper trend resistance. When this happen, the double bottom reversal will be done.
So this is an important day for us, cryptonerds, have a good days guys, have fun trading and of course keep LEARNING !
vOid
