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!