I'm skeptical, but this could be a Bear Flag forming...
The bull flag pattern is a continuation pattern that facilitates an extension of an uptrend. The price action consolidates within the two parallel trend lines in the opposite direction of the uptrend, before breaking out and continuing the uptrend.
What I've done here is used the bars pattern to find a "reasonable" low in total market cap. and by reasonable, I mean made up. I like the resulting parallel trend line, however the gap at the bottom concerns me. Markets just may need to see a complete dump before a bull market can happen again.
TA, I think, should be reactive, not predictive, but occasionally it's fun to predict - so here goes:
- I could see this H&S (pink) inside a H&S (purple) playing out. or at least it's a possibility
- The only real pattern here is a triangle, which would be a continuation pattern resulting in lower price action
- I think I see some confluence with the fibs too
For the past year or so, AMEX:XLE keeps getting rejected at the top of this triangle. In my experience, if Price Action knocks enough on the door (be it support or resistance), eventually the door will be open and price action will break-through.
Steps I noticed on an Impulse Breakout:
- Price Action smashes through resistance
- Price Action looks very...
ETH has been wicking into the $13-15 range repeatedly. It's knocking on the door, and I feel like it's just a matter of time before that door opens, support is lost, and the price tanks.
I'm not entirely sure where the next level of support is however. I will keep an eye on this one and update as things materialize.
I don't think this is very probably, however it is possible. I could make an argument for a head and shoulders pattern starting to form on the monthly. and previous support/resistance levels could indicate future support... Indicating potential entry zones.
The drawback to this idea is that I didn't do this in log scale.. which I like to do when looking at time...
I'm believe in crypto's utility, however I also believe in prices reverting to the mean, which BNB still needs to do. I've identified a price imbalance, as well as some triangle continuation patterns in this chart. I've also outlined some support and resistance levels, or prominent fib levels.
I believe Lumen will reclaim it's $5 price _some_ day. I don't know when, but some day. The internet could not run without Lumen and companies like them. I don't see them going anywhere. The stonk is up today on the news that James Fowler, Executive Vice President and Chief Technology Officer of Nationwide joined the board. This is a patience play, I'm long-term...
Good traders don't predict, they react. This is a prediction.
It is crazy to me that Apple is testing it's 2021 highs - in this economy. My guess is that the insanity will continue to the upper BB band (blue). Price action will attempt to break out, but people will come to their senses (or some global calamity will happen) and prices will revert to some mean.