The current situation:
1. There is currently a double bottom apparent on the 4 and 6HR chart. The neckline of the pattern is at about 12.15 and the measured move is about 14 if it plays out. Do note that the measured move may not be reached however. It is also currently under most moving averages and they are acting as resistance so it may be a bumpy ride back up unless a sudden pump comes in.
There is also bearish divergence on the BTC dominance 4 and 6 hour chart. If this prompts a reversal, it could be a break for altcoins to run.
2. Volume: from the 6 and 12HR chart, it is apparent that seller volume has decreased with the downward price action so it is a sign that seller strength is weakening.
3. RSI: Bullish divergence is apparent on the 4, 6 and 12HR chart. This can be a catalyst for reversal if it plays out.
*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. There is currently a double bottom apparent on the 4 and 6HR chart. The neckline of the pattern is at about 12.15 and the measured move is about 14 if it plays out. Do note that the measured move may not be reached however. It is also currently under most moving averages and they are acting as resistance so it may be a bumpy ride back up unless a sudden pump comes in.
There is also bearish divergence on the BTC dominance 4 and 6 hour chart. If this prompts a reversal, it could be a break for altcoins to run.
2. Volume: from the 6 and 12HR chart, it is apparent that seller volume has decreased with the downward price action so it is a sign that seller strength is weakening.
3. RSI: Bullish divergence is apparent on the 4, 6 and 12HR chart. This can be a catalyst for reversal if it plays out.
*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.