Based on my analysis, I've identified a possible reversal in the trend in MATIC. If the positive uptrend continues and it breaks out of the falling wedge, it would be a good pickup on a re-test and next target would be 1.73 on a short term trade.
Ethereum is in a descending triangle pattern which has a 68% chance to break to the upside. Although RSI is in the oversold area, we need to watch closely how Ethereum moves over the next couple days, if the lower trendline no longer supports the price action, this pattern could turn bearish.
I am reviewing MATIC movement for the next couple days and although I did not see the right side of the head and shoulders pattern, The MACD does look bearish and its likely for it to move downwards over the next two days. Please chime in with your thoughts; I will follow up with an analysis of the Daily timeframe.
This is my analysis of Cardano which looks like there is a good probability of a push to the $1.50 area. This idea would be further supported if BTC would either breakout of current resistance or consolidate; also BTC dominance seems like it is in a good place for the altcoins. As always, I appreciate your thoughts and comments.
Bitcoin is in a falling wedge pattern which can have a 68% chance of breaking to the upside and 32% chance of breaking to the downside. However, Bitcoin has been rejected on by the upper trend line on two occassions pointed out in the chart, and the MACD indicates a possible bearish convergence. As of right now, Bitcoin looks bearish. I welcome comments of others...
