This was brought to my attention by twitter user '@Pladizow' but I dug just a little deeper. Wyckoff and Elliot would be pround of us crypto degens. The similarity in the entire triangle preceding the recent dump down to our current lows and the following price action up to this point is utterly astonishing. Of course it could completely diverge and change course...
Weekly closed a bullish engulfing and appears to be in an ascending triangle coming off its 5th reversal point. There's significant resistance right above but if it re-enters that rectangle it broke sharply out of it would look like a great R/R long.
Could be a re-test of head and shoulders neckline where it rejects and spill hard but the micro timeframes look bullish here. This neckline level is pivotal - will be watching to see how it closes around it
We are right at a level here, which is the log .618 of the local range and also the neckline of that previous broadening formation that can be indicative of a major top. I think this will be the level to break and close to potentially take out the ATH in the coming days/weeks. The current daily, if it were to close as is, would look like a bearish hanging man but...
Broke out of this descending channel, which is in a descending triangle, which is in a larger descending triangle - all clearly bearish structures. Micro timeframes have broken out of falling wedge in what looks like a retest of the smaller descending tri breakout.
We seem to be in another descending triangle, with the descending trendline above us from here. short term we've broken up out of this descending channel and found temporary support on the retest but the log .618 of our local range continues to give us trouble.
Primary trend is still up but intermediate trend is still decisively bearish until further developments.
I love the way the USD pair is holding that 166(ish) support like a rock and the BTC pair here is trying to complete a textbook head and shoulders bottom. We need a high volume break of neckline to confirm. Neutral until that occurs...
I'm long term bullish but think we see a max pain type scenario where people get their stops run under that important 5.8 level (which was the actual support level even though the 6k psych was so important)
I think we'll see some pitstops along the way, and maybe we only retrace 50% but I like where that .618 settles on that consolidation ledge.
Looks bullish to me. There was some interesting action down there where price kept trying to dump below that 7930 level. Looks like a move to engineer liquidity to me. Short term bullish. wanna see it take out those levels where we have clear bearish candles as marked on chart