* Close to 0.618 retracement of the overall leg up from 2020 * Such area already tested twice * TD count 8 * Stoch / RSI close to oversold * Negative CMF seemingly painting a bottom
So watch altcoins market as if 0.618 holds it may bounce within next few days.
Comment
⋅
Mind the minor rising wedge.
Zoom:
Can fail to go straght up and retrace, eventually. Hence giving some further opportunity.
Look either for a breakout or for a speculative entry closer to support. Don't forget to set a SL.
Comment
⋅
Breakout achieved.
Comment
⋅
Volume?
Comment
⋅
Comment: 800B reached, up 13% since OP.
Comment
⋅
Watch 810B as it's resistance ( FIB 0.5 of previus bounce )
if it gets broken with good volumes, I would totally consider it bullish. However, the overall momentum in the markets doesn't appear to be that strong. in that case, a breakdown might also be a very probable scenario. what do you think?
f-73
⋅
@Mudrex, Yes there's almost no momentum, noticeable uncertainty. Pretty normal after such an impulsive correction.
All in all i think it ultimately boils to BTC dominance:
We have to check whether that resistance will hold or not this time, after previous rejection.
To me it's pretty clear that sooner or later will break, MACD and RSI support that on medium term.
Shorter term it's borderline though and makes quite a difference for altcoins market.
Let's see and eyes on ETH develpments.
Thanks for commenting, i appreciate.
drcorvinus
⋅
@Mudrex @ft-73 I'm inclined to think there will be another drop coming up... the last drop was much steeper than the bounce out of the drop, indicating a continued bearish trend.
The good news is, if bitcoin crashes below 30k significantly I expect alts to rally strongly afterwards.