I, personally, would not be getting excited about any type of long-term bullish movement. Given the current conditions of this market, the volume, and based on the previous price action we have thus seen, breaking over 11.5K to rally for the 14K retest would come as a huge shock to me.
I've been calling one more 11K retest for a while before we inevitably take...
Looking at the chart here, a few things remain clear to me.
First, we have been sitting within the same range for quite sometime now, where bears and bulls have struggled in a perpetual tug of war. In the past whenever we have seen this type of accumulation/distribution all in the same range, it has sat at the bottom range of our forming triangle before pumping...
If you followed my previous assessment, you'll see that I called the bounce nearly perfectly:
At the current market levels, we are at a very interesting point here. In the last few weeks and last July we have seen loads of market manipulation by the big money...
Back again with some support and resistance lines, but this time with a swing towards bearish sentiment.
We have a few directions that the market could take us right now, that being a bounce at our current level of 10.3-10k to retest the 11k zone we failed to break over the weekend, a drop to 9.4k at the weekly S1 level support, or we blow through all supports to...
So we currently are looking at a test of major support that coincides with the weekly pivotpoints level of support and support displayed on the gannfan.
Short term bullish outlook, we break above 9.9k-10.2k range and soar to 12k to retest the higher resistance levels in the long-term.
Short term bearish outlook, we break below the gannfan and pivot supports...
I see us having a small retrace to the new daily pivot of 11750 before continuing higher, or a retrace to the weekly pivot point at 10300 before continuing higher.
Monthly Pivot rests at 7800, but I don't see us going there with the current momentum and volatility we are seeing - but you never know
Pretty self explanatory.
We have a weak rsi with upwards price action which is a definite indicator of bearishness, and our 200 EMA resting at 4600 right along out 50% fib.
We either will bounce there at 4600 ish or continue downard to test previous support.
Short and sweet.
This is something I picked up on with Litecoin on Binance a while ago.
There seems to be a predictable pattern to the way that LTC/BTC Wedges for anywhere between 50-100 days before massive gains.
The Chart speaks for itself but allow me to go into detail on some of the key points of this analysis.
1. THIS IS NOT FINANCIAL ADVISE BUT MY OWN ANALYSIS THAT I AM...