chf/jpy bias is bearish and it has been for a very long time. Price has come up to resistance zone which has been respected three times in the past causing some nice moves to the downside.
Price is followed by xabcd pattern, rising wedge and broken ascending trendline.
Bitcoin will likely remain "bullish" for now, but the larger structure it's forming appears to be a rising wedge. If we continue to see volume drop off and the wedge mature it will likely resolve with a big move to the downside. Ideal short entry will be at trendline resistance near 3950-4000, or if the ascending trendline is confirmed as broken.
Not fully formed yet so mostly just an idea I'm playing with. I am expecting a BTC breakout of its ascending triangle which would pull ETHUSD up with it. From there I would expect a double-top on ETHUSD, maybe causing the break down of a rising wedge to happen
On the 4 hr we can see a rising wedge and also bear div on the RSI which suggest a dip is possible.
The green zone around 5040 show some support.
Looking at the fib we can see .382 and .5 at about 4760 and 4600 (which is also the bottom of the cloud).
I am putting bids around the green zone and also .382 and .5 to buy the dip if it comes.
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Firstly, i had drawn pitchpork and fibo retracement on last big swing price action. In result, i found resistance and support lines. After that, i observed that there price action in rising wedge pattern. As well as MACD,Stoch and RSI indicators given a signal of short trade. Finally, in my opinion,S@P500 index price down out rising wedge while ought to do short trade.
Strong rising wedge for the S&P. Could this take a healthy fall back down...RSI implies it is overbought
Also we had a parabolic move up from the lows of December/Jan...with no real healthy moves down for a recovery period on the way back up
Hypothesis: price reaches near ATH to fail at resistant levels. If it price proves to move back down, I think it could...