As we regularly visit the 'oversold area' on RSI-14, this suggest accumulation on the market.
CME expiration date could suggest the the "spring area' in the pattern.
CME expiration date is right after the launchpad of testnet of EIP-1559.
The final 'London hardfork' with full EIP-1559 implementation stats 14. July, however right after testnet we will know...
We are trapped inbetween two gaps. Index dropped after forming bearish divergence and ATH. I would try to expect the bounce from the bottom of EMA ribbon which is close of lowe gap (I would love to see there only wicks to close the lower gap).
Ethereum is at the crutial level which was the resistance and support in the history. Currently, there is also an upper trendline of rising channel...
Probably there is a chance for a correction in relation to Bitcoin... Down to the lower trendline of rising channel...
Classical accumulation and distribution phases on the market are often mixed together. Especially when bears do not end their supply when new bulls come in, not waiting up to the end of the supply. This phases, when in bulltrend bears start to supply and new bulls come in very quickly are called reaccumulation.
However, to recognizing the distribution and...
You know the dump was in the night between Suturday and Sunday... When almost everybody rest...
You know there was a lot opened long-positions with strong leverages...
You know that happen when CME was closed. And you know I am not talking about gaps (I do not believe in gaps), but some CME contracts tonight could be settled...
You know there would be...
Bitcoin to Gold is currently at the support. And there is a potential chance to bounce.
1. Sell signal at RSI 14 was March 14. (7 days ago)
2. Primary sell signal at MACD was also March 14. (7 days ago)
3. Secondary sell signal ("bearish cross", confirmation) was already March 18. (3 days ago)
And... Until today nothing happened. Today is...
The chart of Crude Oil / Gold looks quite similar to Dow jones / Gold. Here indicators are more decisive and show the correction.
IMO, the Crude Oil / Gold relation could be taken as a some kind of an economic sentiment indicator.
We are at critical moment at Dow Jones Index. If you will compare that index to gold (which is the real store-of-value with stable inflation 2% annually), there is formed a W pattern (which is bullish). However, RSI and MACD indicator suggest that bullish continuation might be difficult - especially when we are at the neckline of the pattern.
Finally we have got a true W pattern, bouncing from the support. If there only appeared a chance for that W pattern, the next grow as much as you see... So, that make me a strong preapprehension that cruptocurrencies are now thirsty of growth... ;-)
Have a nice evening (or a day or night, wherevere you are),
And as always, best wishes,
Bitcoin is forming formations - that we know. Some of them are very bullish, some of them are slightly bearish. There is a question if we have "cup & handle" which is very, very bullish? If there would be a bounce from the neckline, there would be the third touchpoint for the rising wedge, which is a little bearish... ;-)
If there would be a breakup of...
This coffee break might still not end yet... ;-) So, let's take a break and drink some delicious coffee in any form you preffer...
Today for me a sweet amaretto, please... Tomorrow maybe cappucino... ;-)
All the best and... delicious coffee...