Bitcoin broke-down from an apparent bearish pennant on the 4H. The brake-down from the pennant was not confirmed by volume which suggests there was low market conviction in the move. To add to this price found resistance at both the 62% and 79%, printing a bullish engulfing pattern at the latter (1H confirmed). I look to open a long position. TP1 is at RR = 2,...
ETHUSDT broke out of the 4H ascending triangle dropping ~6% on the break of the bottom supporting trendline . ETHUSDT now seems to be forming exactly the same ascending triangle pattern on the 15m. I suspect we are in a short term consolidation period before we see more downside movement on the break of the lower trendline.
ETH price appears to be consolidating to form an ascending triangle following a strong sell off. Due to higher timeframe downside bias I would be looking out for a breakdown on the 4th or any subsequent test of the lower trendline of the ascending triangle targeting all time lows of around 81.5 but there is potential for the price to drive lower.
Appears to be a bearish pennant forming on the BTC chart. Looking for a trade to the downside, potential break on the fourth test of the lower trendline, with a target in the region of ~$3K. Open a short position on the break of the lower trendline provided we see volume confirmation. Could wait for a retest but this move could be quite dramatic and inertia...
