ETHBTC Double Bottom| Apex| Lower Highs|Break Imminent Evening Traders,
Today’s Analysis – ETHBTC – Trading at key structure, daily structural support is in confluence with down the down sloping resistance, ETHBTC is in its Apex.
Points to consider,
- Double bottom trend
- Trend line resistance (Lower highs)
- Daily Structural Support
- Stochastics overextended
- Apex (break imminent)
ETHBTC is trying to establish a trend chance by putting in a valid double bottom . Breaking resistance will further solidify the double bottom as the neckline will be breached.
This will also negate the lower high projection
Daily structural support is in confluence with resistance, hence why ETHBTC is coiled up in its apex.
This is an indication of a break being imminent.
The stochastics is in the upper regions, a lot of stored momentum to the downside. ETHBTC usually has an impulse move down with stochastic momentum from current resistance.
Overall, in my opinion, ETHBTC is at pivotal point in the chart, price is coiled up in its Apex , indicating a volatile move being imminent. Break in either direction will give a direction bias for a long
or short.
Breaking bearish will be a sign of a possible larger pattern being at play, the Descending Triangle
What are your thoughts?
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And remember,
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street.” – Jesse Livermore
