The strong support of $ 45,470 did not hold.
Market price fell to the next major support at 42333.
If this support does not hold, the next step will be the area around 40750.
However, an important thing to consider is the associated volume which appears not to explode compared to other similar drops.
USDJPY - After a "W", we can potentially expect a retracement to the neckline of the "W" to complete the pattern.
As a result, we can expect a correction to the support area between the 0.5 and 0.618 Fibonacci ratios, followed by rejection of support and further upside.
The monthly support zone between 1675 and 1700 has been tested multiple times (5x) from 2020 to 2021.
These successive test phases seem to repeat themselves like a fractal on the weekly calendar from 2021 with a test phase of the support zone between 1740 and 1760.
Both test areas are located at the golden ratio of 0.618 of the Fibonacci retracement taken during...
BTCUSD - Wycloff accumulation pattern. Do you see the similarity between the current behavior of the BTCUSD and the Wycloff Cycle ?
As par Wycloff cycle, before exiting the accumulation pattern, there will be a Sign Of Strength or SOS, which serves as confirmation that the price is likely to keep moving up.
BTCUSD moving in a range for 2 months between 41.3K and 29.8K
A clear divergence in the RSI appears with a potential fake breakout of the RSI trend. Similar situation to the one that triggered the uptrend reversal in mid-April. Is it again a fake breakout annoucing a trend reversal ?
The downtrend has been broken and is followed by successive W.
The open interest seems to be back on Coinbase.
This showes a potential return of interest towards de crypto in general.
ETHUSD: One month and a half ranging. For few days, the chart shows a clean W pattern on the 4h timeframe with the completion of the retracement to the neck line.
Bullish chat pattern.
