Look at that candlewick and volume!
The original elliot wave has become a big wedge. Astonishing recapture of 40sat by bulls. After having a few rallies earlier this year to about 35-40 Sat and re-accumulation on the way down, it seems irrational to think there are any sellers left who will part with their precious Doges for below this price (unless BTC starts...
Generally this divergence suggests this is the top. Here we have *just about* broken down out of an ascending wedge (a bearish pattern). This support is now turned resistance and ETC will have to either a) consolidate sideways or decline to support or b) bounce back into this wedge and close inside it to continue its rise.
However, ETC has just recently broken...
One of the things about wedges I like is that they are absolutely objective
my entry was 24 sat when it was oversold on the weekly
(I am not referring to RSI in this instance as there is no divergence).
You should follow me because I like dogs and drawing triangles
I am practicing with this pattern.
Similar to BCH
- both extended accumulation
- both breakout at similar times due to news and realisation of value
- symmetrical triangles in both cases
I am expecting upward trend continuation
ETC is ready for another run on the Stoch
not 100% sure this is a true bullish pennant, but we have a breakout 'flagpole' and a sequence of higher lows. Not sure why it just seems insanely bullish to me. RSI strong and divergent on the 4hr. Trendline of resistance turned support. We have just flipped 0.04}
*** I am not a professional ***
These two events look similar to me, an short, impulsive rally followed by a an IHS, people calling 'the bottom' when we have not had nearly enough time for distribution / accumulation. I believe bears are still in control.
Strong support at $250. Everyone who was going to exit BCH did so at the fork, the only sellers remaining are panic sellers who bought in March/April and onwards. BCH has gone through a continual downtrend since inception before hitting rock bottom. There are no weak hands left to shake out!! Here we are touching the primary trend line and uptrend to...