Just had a 133% increase, down 30% isn't a worry in the grand scheme of things. If we can have another re-accumulation period in this lower range I would see it as being a healthier sign before another leg up.
The first run during the end of April and May was not very healthy and did not constantly retest previous levels for support. This contributed to the 60%...
Some notes about ETH right now:
Low volume profile for ETH until around 3750. This means it could be an easy ride with minimal resistance.
The current level is the 786 from a more macro perspective, so the combination of 618 local, and 786 macro would prove to be a tricky resistance, but if we can get over it, it will hopefully serve as a solid support for the...
It is shown on the chart that the ETHBTC dominance is stabilizing between the 0.618 and 0.5 fib retracement levels. This is a sign of strength in my opinion and there is currently no major benefit to holding ETH as opposed to BTC at the moment.
I will be waiting for something from a fundamental aspect to be a catalyst for determining the direction of the next...
BTC is currently testing support at recent highs of 44.822k which is also a 1.382 fib level. This is a bullish sign as in the case of
a sudden correction this level may provide support and prevent lower prices.
Ofcourse this test will likley not provide significant support as so far we have only tested it 1 time and on a lower timeframe (4hr). I would want a...
Bitcoin has had a solid bounce off support at $42.7k, very close to the predicted bounce level of $42.5k. In these last 10 hours we are up 7.29%. It is definitely looking bullish for BTC after a bounce as strong as this off a previous local high.
We currently testing 43k. The previous red wick shows that this price is bought up quickly. Time will tell whether this proves to be a solid support level. If this level does fail, then ill expect 42.5k to be strong.
We can see that Bitcoin has recently broken upwards after retesting a significant level of support around 37.5k.
From here are currently testing the previous resistance as support at 40k. This could lead to another test of 41k before further levels getting tested.
If we do move up some resistance can be expected at the previous high of 41.4k, as well as the 0.786 fib.
A very quick look at ETHBTC shows that we broke out of a very large descending wedge and also broke through the 0.382.
However, we failed to maintain the 0.382 as support. meaning that the next support level could be the top of the descending wedge. Switching it from resistance to support.
Breaking out of this rising wedge has a theoretical target of 0.114. But...
Some quick thoughts on Cardano.
Bullish scenario: If we can breakup out of this descending channel then I will be looking for us to turn the 0.618 into support for further continuation up to resistance at the 0.786.
Bearish scenario: Continue with the descending channel and create a lower low at the 0.5.
An expansion on my previous post.
A look at some of ethereums recent chart patterns performed.
For now, we await for the diamond pattern to play out and watch for a retest of support or resistance when the breakout occurs.
If it breaks down we will likley experience support at the 0.382 fib.
Otherwise we will likley have resitance at the 0.5 fib which is...
Ethereum is still within its consolidation range after rising 56% and finding resistance at the 0.5 fib retracement (blue arrow).
Just before hitting its head on the 0.5 it broke through the 0.382 on its second attempt and successfully retested it as support (red arrow).
If we come back down from testing the 0.5 we will likely have support at the 0.382 as...
Hard to tell what might happen here. We have broken below the rising channel and have retested it as a resistance implying further downward movement. However, we are currently right on a fib retracement level which could provide support.
After breaking down from a recent pennant it is now decision time for Bitcoin to print another low. The question is whether or not it will be a higher low in the short term.
Failure to print a higher low could result in a further drop and more continued macro sideways movement. Whereas printing a higher low may assist the price to push higher and have another...
An update to my previous post...
Adjusting the support line slightly (the added blue line) the chart can be seen as already having broken out of a pennant.
After the initial breakdown, it retested the support as resistance and failed. It then dropped 1.80% within the hour.
In hindsight, it seems like a textbook pennant. In my previous post where I had a larger...
This chart in conjunction with my most recent one shows that a 42k+ BTC could occur sooner than expected. Possibly by the end of the day if the bullish breakout from this pennant occurs and meets its target.
Otherwise, a breakdown to 38k would delay 42k, that's if it's still on the table within the next week (based on previous post).
As a note, it is important...
BTC looks like it has broken above a rising wedge and coming back to retest it as support. If we can hold the support, then higher prices (above 42k) could be possible in the short term (days-week away).
Moving up too quickly without a retest may lead to only a temporary increase in prices followed by a more sideways movement which we have been seeing for the...
Disclaimer: I'm new to TA.
I think the bearish pennant is likely to break down as we are in an overall downtrend in higher timeframes.
Additionally, momentum is heading towards negative on this timeframe.
There is strong support between 33k-34k. I don't think we will go below this especially because we are getting higher lows since the dump on the 19th. I think...