We are seeing the anticipated price action play out where even healthy BTC consolidation is causing significant bear breaks in alt coins due to the unfavorable correlation. ETH has lost the daily higher low pattern and has now taken out the previous two supports. This increases the odds that it is a weekly bear flag a good deal and if BTC loses the daily higher...
We currently are fading from the V-shaped recovery last night, and bulls must form a low of day this morning in order to remain in the daily equilibrium tightening pattern. Patient bulls did a good job yesterday by not trying to jump in, or back in, with hourly still forming lower highs with resistance. The bears currently still have the upper hand for potential...
We can see ETH has broken bearish from the 4 hour range where we had support hold 3 times. A break of $454 support would have us lose the daily higher low pattern, which would increase the potential odds for the weekly bear flag. Bulls are not positioned well to absorb any weakness in BTC due to the lack of supports before weekly lower lows. Clear 4 hour lower...
Still in a tight 4 hour range where we have seen a pretty clear battle between the bulls and bears. If you have been watching the $8,290 level, we see the bears literally waiting there to market sell every time we get close. This has happened two times in a row now and you can tell that is what is occurring because it is not like we hit a resistance level and...
We have been trading in this daily channel for a month, and if you apply it on the weekly chart it is a potential bear flag. Lose the daily higher low pattern and the odds of a weekly bear flag will increase significantly. Still weak and correlated to BTC, having already dropped to an hourly lower low on this bounce attempt while BTC has yet to do so. 5 tops in...
BTC has absolutely no volume on this bounce attempt even with a 4 hour inside bull break. The 4 hour chart is a potential bear flag and if we lose hourly higher lows we will likely confirm it. Bears are comfortable in the short term with the top of the bounce as a tight stop level. Still healthy consolidation on the daily and likely to see another declining...
ETH is testing 4 hour resistance highlighted in the video yesterday. ETHBTC has bounce overnight a bit as the consolidation was not as significant as BTC and the bounce has a higher % gain. There will be short term opportunities to capitalize on the ETHBTC oversold bounces but if you are swing trading continue to watch the daily chart of ETHBTC to look for the...
Yesterday in the video we had 2 scenarios... 15 min EQ breaks bull and gives us our 4 hour higher low. 15 min EQ breaks bear and further consolidation needed to find the low. The bulls came out on top and now we have a 4 hour equilibrium. Watching to see how the daily inside bar breaks with this pattern for more short term clarity. There was some confusion...
After continued laggard action and weakness vs. BTC on the move up, we are seeing the ETHBTC chart get very tight in a bounce attempt. We may see a bull break there which just means we are seeing ETH pullback less than BTC does during healthy consolidation. Often times people forget that both coins can be going down but the ETHBTC pairing chart can make bull...
After seeing a 4 hour inside bar with a bear break we are now seeing healthy consolidation. The increasing bear volume on the loss of the hourly higher lows is notable. 15 min oversold bounce attempt currently underway and without a $100+ move it will be another sign of a shift in momentum towards consolidation. 4 hour EMA support still stands, and we are...
Solid move up this morning in response to the BTC breakout, but still lagging behind big time. We are looking at a BTC dominated market and narrative as long as the ETF topic is on the table. Bulls must keep up higher lows and higher highs on the 4 hour chart to continue to head back towards recent highs. ETHBTC will have to change the trend on the daily time...
BTC exploding up overnight trapping shorts from the push down yesterday to $7,600. We are seeing daily RSI break 70 for the first time since all time highs. There is a very clear sentiment shift as more and more people get hopeful for the ETF to be approved. Alts continue to get crushed compared to BTC strength. My visual target on the weekly was low $8,000s...
As BTC heads to higher highs on the daily confirming the bull flag, ETH is not even breaking the high of yesterday. The comparative weakness continues and the daily chart has nowhere near the same bullish standpoint as BTC does. This all changed during consolidation following the initial breakout, and continues to show BTC ETF derived strength. All attention is...
Volume spike this morning as bulls went for a V-shaped recovery from 15 min oversold bounce to higher highs. We were looking at $7,777 resistance on the daily as the next level so technically we have a double top with this resistance. This now allows bulls to move my stop levels up to under $7,200 daily higher low. Notice the shift in sentiment, we used to see...
ETH continues with 4 hour lower highs and lower lows while BTC holds up strong. This is causing ETHBTC to get extremely oversold, and for the daily and 4 hour charts to significantly lose favor for bulls. It is becoming more and more clear BTC has the attention of the market right now and ETH is a prime example. I personally would only be looking to play ETH...
We are seeing BTC test and hold EMA 12 support on the 4 hour and daily inside bars form. This is still extremely healthy consolidation and the fact that we are still holding up here is a testament to bullish strength. Bulls are sitting pretty as a bear break leads to a daily higher low and a bull break leads to continuation to $7,777 resistance. Notice the...
ETH has consolidated much more significantly than BTC, losing 4 hour EMA 12 support. The pattern drawn here is a potential bearish reversal Head and Shoulders to be keeping an eye on today. We will likely need to see BTC break the low of current consolidation to see these supports break and the uptrend lost on the 4 hour. I am personally staying away from ETH...
4 hour RSI is cooling off as we see declining volume and multiple 4 hour inside bars break bullish to start the morning. I am not expecting continuation just yet, but this gives bulls more space to work with as they try and pull off a daily bull flag. Breaking the low of current consolidation will not be a big red flag for bulls as we can still see very healthy...