THETA
Appears to be copying Bitcoin somewhat in that it has become "corrective" but yet as part of a steady uptrend.
We could look at this as an ascending wedge which is typically known as a bearish pattern.
The textbook will say how the wedge signals weakness to the upside and is typically followed with a break to the downside which is the assertion of the dominant trend.
However the textbooks do not cover crypto and I think we are seeing an interesting anomaly.
And that is that; in ultra bullish phases, the corrections trend up and thus we have bullish ascending channels.
The clue I think is the many lower time frame descending channels within the ascending wedge.
They are bullish patterns.
And the current descending channel is very shallow.
This I think signals that there will be a pump in the pipeline soon enough.
So rather than the textbook; impulsive waves being punctuated by corrective pull backs, what we get instead is ultra impulsive waves punctuated by somewhat slower; steady uptrend.
In the end I think the best way to look at it is that there are multiple tiers of impulse and correction wave.
It doesn't mean that this can't develop into a pull back, but I dont think the ascending wedge is a bearish clue here.
And this may continue on up without much or any pull back at all 🧐.
Day chart:
Appears to be copying Bitcoin somewhat in that it has become "corrective" but yet as part of a steady uptrend.
We could look at this as an ascending wedge which is typically known as a bearish pattern.
The textbook will say how the wedge signals weakness to the upside and is typically followed with a break to the downside which is the assertion of the dominant trend.
However the textbooks do not cover crypto and I think we are seeing an interesting anomaly.
And that is that; in ultra bullish phases, the corrections trend up and thus we have bullish ascending channels.
The clue I think is the many lower time frame descending channels within the ascending wedge.
They are bullish patterns.
And the current descending channel is very shallow.
This I think signals that there will be a pump in the pipeline soon enough.
So rather than the textbook; impulsive waves being punctuated by corrective pull backs, what we get instead is ultra impulsive waves punctuated by somewhat slower; steady uptrend.
In the end I think the best way to look at it is that there are multiple tiers of impulse and correction wave.
It doesn't mean that this can't develop into a pull back, but I dont think the ascending wedge is a bearish clue here.
And this may continue on up without much or any pull back at all 🧐.
Day chart:
Bull Market Group 🐂
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Priority trades, round the clock updates and a 1 hour technical video per week 😼.
Make gains, learn technicals 🚀.
$50 per month 👍🏻.
Contact: t.me/dRends35
