There are a lot of positive fundamentals. Also that the institutions are going long....
Yes they say they are LONG, but are they?
Based on the Elliott wave theory we are not done yet with the downwards trend.
Also we are still in this big bear flag with a target around the 6.5k.
PLEASE LEAVE A LIKE IF YOU AGREE :-)
DON'T FOLLOW THE TWITTER SENTIMENT, JUST...
As said before, I think we are in an abc wave. This abc wave can take us to the 11.7-12k zone to fill the CME gaps there.
Everyone will also become very bullish when we break out of the descending triangle.
This is precisely for me a reason to be careful and to take a step back at the 12k zone because as discussed in the previous analysis:
BTC Short term target will be 12k if we have the B wave completed.
If you had read my previous analysis, you know where we looking for.
We are now at step 2 of the previous analysis.
Probably we found the bounce around the 10.2k zone, and we complete the B wave.
(if not, then we will play out the bear-flag first, to the 10k and then we will start a new...
This is my idea about the markt at the moment.
Looks like we will play out the Double three :-) (link below)
Please, if you agree, don't forget to give me the thumbs up:-)
Looking for a bounce after filling the gaps around the 10k / 9.8k on the CME chart.
Then I think we will start the C wave, get everybody bullish when we break out of the...
A lot of people are shorting at these ranges. Also we see a lot of bear around here.
This is for me the reason that there is a possibility to go to the 11.6k - 11.8k.
Get a break-out of the 'Descending triangle' that everybody sees. Then a lot of people are going too long.
This is for me the reason that we might see a 'fake-out and making a 'lower high' around...
We are forming right now a bear flag.
But if we break the 3920 Resistance, we could see some moves up towards the 4k range.
But this is a BIG IF....
For me now, I am bearish, because of the rising wedge, heavy resistance en the stop hunt from yesterday
I Think Ethereum will have a Break down.
Because there was a big STOP-hunt candle to the upside this morning, to get the SHORT people out of the range, is it very likely to see now a drop to the downside.
Also To make this ascending triangle complete, we have to test the 114-120 zone!
Be safe there!
Now is the important question, are we going to the upside.
The technical analysis says yes, but the volume and with the weekend...
I am not sure. First I want to see is finding support above the $3500 area. Then we could see some more moves up!