So what will it be?
For weeks crab populations have run rampant as volatility and volume dries up in the crypto markets.
The end is near - will we see the fabled Wyckoff accumulation pattern or will we see an abundance of McDonalds applications?
Let's find out
Price action looks extremely reminiscent of the previous rally forming almost a fractal in it's topping pattern. I'll be sitting in cash until the charts tell me otherwise.
If we break above with volume and close above the upper resistance lines, I see one final leg to 7.8K but ultimately expect a double bottom.
Ethereum had an incredible run against Bitcoin regarding it's ratio, these are not particularly uncommon but the wider market thought that this run would take it back to 2017 levels of dominance.
I still believe that until Ethereum decouples away from Bitcoin, it's cycles are ultimately dictated by Bitcoin and its price movements, and therefore it's just another...
Bitcoin historically loves prominent double bottom patterns on the Daily/Weekly timeframes before going on to rally.
Considering the current market outlook with CORVID 19 being a catalyst for an economic downturn across the board, I would not expect Bitcoin to simply move back into a bullish rally before establishing a low with an accumulation phase.