The current situation:
1. Price action has been in a bullish symmetrical triangle with the measured move to be about 48.5 USD and the chance of breaking upwards to be 60%. However, do pay attention to the 4HR 200 moving average that is currently acting as resistance to the breakout, There are several moving averages that is under the current price action acting support and a few attempts to break the 4HR 200 have also been tried for the past couple candles, so if a breakout happens, it could break this moving average this time.
BTC dominance also has bearish divergence on the 6HR. If that plays out and BTC dominance drops, it will be another confirming signal for altcoins to bounce.
2. There is currently bearish divergence on the 6HR chart and a RSI reading of about 80 for the last high on the 4HR chart. So a strong breakout may be needed to make higher highs on the RSI to negate bearish divergence playing out, otherwise the breakout may be short lived.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
1. Price action has been in a bullish symmetrical triangle with the measured move to be about 48.5 USD and the chance of breaking upwards to be 60%. However, do pay attention to the 4HR 200 moving average that is currently acting as resistance to the breakout, There are several moving averages that is under the current price action acting support and a few attempts to break the 4HR 200 have also been tried for the past couple candles, so if a breakout happens, it could break this moving average this time.
BTC dominance also has bearish divergence on the 6HR. If that plays out and BTC dominance drops, it will be another confirming signal for altcoins to bounce.
2. There is currently bearish divergence on the 6HR chart and a RSI reading of about 80 for the last high on the 4HR chart. So a strong breakout may be needed to make higher highs on the RSI to negate bearish divergence playing out, otherwise the breakout may be short lived.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.