Alright so, the question that everyone have been wondering, is this the bottom ?! Well I wish I knew, but it does look good to me, let's take a look.
On D1 chart as you can see, we can't break the 6k-6.1k support range and we keep making higher lows following the trend. Talking about trend, we are close to breaking 2 old upper trend, the grey one is from the 11k high from march 5th and the white one from july 24th 8.4k high.
Another thing that I see is the same pattern formation on a lot of coin at the moment. An ascending triangle. You can see volume dropping which is a confirmation. If we do break both upper trend get mentally ready.
Now for the H1 chart, we just tested SFP again and made a new high at 6300. Was that a Stop Loss hunt ? Hmm, interesting. The move looks bullish to me, you can see that .236 old as support atm and .382 fib as resistance. A retracement between .618 and .786 looks like a decent place to go from now on.
Let's take a look at M15, this look really bullish, we just broke last SFP high at 6205, make a new one at 6300 still making green candle, I expect a retest of SFP high soon, let's wait.
On D1 chart as you can see, we can't break the 6k-6.1k support range and we keep making higher lows following the trend. Talking about trend, we are close to breaking 2 old upper trend, the grey one is from the 11k high from march 5th and the white one from july 24th 8.4k high.
Another thing that I see is the same pattern formation on a lot of coin at the moment. An ascending triangle. You can see volume dropping which is a confirmation. If we do break both upper trend get mentally ready.
Now for the H1 chart, we just tested SFP again and made a new high at 6300. Was that a Stop Loss hunt ? Hmm, interesting. The move looks bullish to me, you can see that .236 old as support atm and .382 fib as resistance. A retracement between .618 and .786 looks like a decent place to go from now on.
Let's take a look at M15, this look really bullish, we just broke last SFP high at 6205, make a new one at 6300 still making green candle, I expect a retest of SFP high soon, let's wait.
Comment:
I forgot this is a double bottom confirmation on M15. Alright I need to cofee, I'll update later tonight after weekly close. Have a good day !
vOid
I forgot this is a double bottom confirmation on M15. Alright I need to cofee, I'll update later tonight after weekly close. Have a good day !
vOid
Comment:
Oups, I just saw that I linked the wrong chart on last update, but it was pretty much the same looking on a ETH chart, sorry.
So, on the M15 chart we can clearly see that huge wick was a SL Hunting move, we then dropped back to the new support around 6220, broke below hit (SL of people jumping late ?) before bouncing right above it. We can now confirm that even after that drop, we are still making higher lows, good sign for me. With how it currently look, I wouldnt be suprise that we retest 6255 shortly.
Alright, So what about that H1 chart. Well that thing looks pretty good to me right now. As you can see yesterday, that huge wick was a retest + SL hunt of 6255 SFP. Price holded at last resistance(new support) around 6215 and bounce off of it on it's way to test SFP again. Let's wait and see if we make that new high or continue to move sideways a bit.