Resting at support level, end of wedge, 200 EMA - we just need a little push for this to happen.
I would buy here even though we don't have yet confirmation.
Factors affecting this:
Stock market / DXY - if we see a drop Monday -> BTC will also go down -> either BTC domi drops as alts bleed or it goes up as money rotates from BTC to alts.
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MACD is also crossing
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Divergence on the 4HR, at the resistance, if BTC goes up because stocks go up, alts should also fly:
I dont know where u learned to chart and Im not tryig to bash on you but and L shape pattern or a "pole" pattern whether its oriented up or down its a continuation pattern, most of the time, what way its going its going to keep going that way, As in the chart u posted suggesting a break out the pole was heading down and it continued. I hope that makes sense
badbeatnuts
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@CosmicFry21, Hi, thanks for your feedback - whether it will be a continuation or breakout is unknown even though higher chance is for continuation down so what I tried to predict with the crystal ball was a breakout based on previous support levels, 200 EMA as support, MACD crossing indicating an upside potential and overall alt coin sentiment at that time (btc domi was going down and alts were gaining against btc).
If you notice on the chart we had 3 attempts of beakout from that descending trendline which ended without breaking through which actually speaks that the price is not ready to break out hence the continuation down.
I am not relying on the pattern itself but rather that there is a chance for a play. Normally, you would want a clean breakou, preferrably a test afterwards and then enter into a more secure trade but it doesn't hurt to gamble with a small position and tight stop loss.
This will still fly in the next days, I bet my ass on that.
Check out my other charts, perhaps you can consult me based on more data about my trading.