Bitcoin (BTC) has formed an Adam and Adam double bottom with a bull flag/handle on the breakout price. While this could form a sign of reversal, I tend to think that the shorts are now too low; overhead resistance appears quite strong. We're in a consolidation area, awaiting breakout in either direction. I tend to think we'll break DOWN; however, I cannot...
Ethereum looked like it was forming an Adam and Adam double bottom on the 4hr; but, ETH failed to crest above the peak between the two valleys. Hence, Ethereum (ETH) doesn't look like it's reversing the downtrend at this time. On the contrary, ETH appears to have formed - and broken below - a bear flag.
Ethereum (ETH) found bid support sub $500 and v-bottomed. As it stands, ETH is at $530 and is nearing short term resistance around $540-$550. Considering the overall bearish market, Ethereum seems poised to turn back down in the near term to $490-$500.
Scalping sub-500 Ethereum has thus far proven to be a profitable trade; however, I am not certain that this...
Here you can see a bump and run reversal pretty clearly defined on Bitcoin, but it's unconfirmed until we break below the 30 degree (lower) trendline.
If we do break below we have a price target of $9070-$9050; I've personally got a target of $8950.
Read more here: thepatternsite.com
Bitcoin is forming a symmetrical triangle bottom at the bottom. A triangle at the bottom of the range is SLIGHTLY bearish. In addition, if price fails to retouch the upper trendline, that would constitute a partial rise and be bearish.
The Straight Line Run Up
Identification: Price runs up in a mostly straight line from A to B
> Some curving is fine.
Behavior at a glance:
A. <38% Retrace = 0.25
B. (38 to 62%) Retrace = 0.31
C. (62 to 100%) Retrace = 0.23
D. (100 and More Retrace) = 0.21