Imo it's very interesting that touches of 2018/2020 bottoms and '20 highs from actual cycle give us perfect super-channel with just one touch with median so far at "mini bubble" 2019 and heading towards second touch from the upside. In bullish scenario it could be our bottom imo, so around 21 k.
But what's next?
Red channel is an idea how can it go if things...
I ont think we are done yet. There was no real capitulation and general volume is low. Despite this I think we will bottom till end of may and aftr few months of accummulation we will have final leg up till the beginning of the nxt year.
When we wicked above ath in this multi-mont range everyone was calling 100 K soon, now we wicked below and everyone is calling 20 k or lower. For now imo we can spring from here. Currently we are testing previous "floor" at 29/30 k. I think first attempt will fail and we revisit lows which should hold.
Netflow looks scarier and scarier, huge inflows to exchanges. Yesterday's pump after FOMC can be well organised bull trap, so better to be prepared for capitulation event. In this case - spring to swep the lows.
We have really long consolidaion on crypto markets. We can see a half year long wedge on DOT. Falling wedges love to be touched three times on the downside line ;) Third leg down also would mean we are going down from curent range sarted at the begginig of the year, so move down should be huge, 25-30% at least towards 10/11 usd. For now test of 16 is possible.
As we know bitcoin prefers weak dxy in a downtrend.
But as we can see (orange rectangles) we had periods where dxy was going up with btc. Nevertheless strong upward movements on crypto were analogic to downtrend on dxy .
So far DXY looks very strong and bitcoiin struggles.
From earlier periods when dollar was in accumulation phase we had 5-wave movements, with...
Not a first time btc conslidates in that patern, if history rhymes we should break up from this three weeks wedge, consolidate a little bit more on higher levels and try to break 46/47 area. Breaking down that bullish structure would be very bad for bulls.
That 5 year net of parallel channels shows us how many touch ponts with the lines we had, every single top and bottom included. So something to watch. If we fall - 24/26 k is a floor lower level, if up.. depends on timing but moon generaly.
BITSTAMP:ETHUSD is repeaiting from end of 2020 what was very bullish in the end. Holding 2.8 and current low is a key, is pattern fits we should go up with big green candle and volume, otherwise could be a trap.
If we hold higher low crated at 17 usd than we can see cointnuation of accumulation like on ETH before. Channel can be broken at our double bottom point and from here angle of second leg of channel should be bigger so in general channel wille get more steep.