12800 was strong support that I expect to turn strong resistance. A likely scenario is to touch 12800-13000 (depending on exchange) and break down to re-test support below 10k. A 4hr candle closing above 13200 will invalidate this theory.
ETHUSD will consolidate here into an asc triangle for a few days with 1k resistance levels before breaking out to another 10% move
Some say there is a head and shoulders but that is very unlikely as overall trend in ETH and all other markets is up.
Interesting pattern I noticed is that MA50 on a 4hr chart has been acting as strong support this run up since 8k.
BTC touches MA50, bounces, consolidates for about a week and breaks out.
BTC just touched it again. If this pattern continues we should see a new ATH by xmas.
Regardless if it is a stock, commodity or Bitcoin, all parabolic advances end the same way; Those late to the party end up holding the bags.
As this parabolic trend continues, I expect a blow off top in 33k to 55k before returning back to mean between 3-6k.
Trees don't grow to the sky.
Since last all time high at 11960, the market had plenty of time to exit. However it rebounded off 11500 and is now consolidating just below previous all time high, forming an ascending triangle.
Ascending triangles have 70% chance to break out and as typical with bitcoin, the longer it consolidates near all time high, the higher the chance it will make a new...