ETH seems to be in a down channel, and is looking for further downside continuation after breaking the rising wedge while rejecting the 4h 20 EMA. A daily close below 1900 would confirm the move imo.
However, be cautious as price is now on support and could potentially have a fake out move to the upper supply line similar to what happened on 6 June.
BINANCE:BTCUSDT let see if this play out, almost too perfect to $24k "gap" fill. However, I think BTC could see 20k level retested if 30k support failed to hold.
Applying the price fractal of the drop from 41k to 28k looks interesting, almost revolve around important support/resistance zone.
I'm not shorting BTC, but would be happy to DCA around the 20-24k.
- 4H 20 & 50 EMA cross
- top of down trendline on price & RSI
- wait for a 0.382 - 0.5 retrace to retest 3420 S & R level, which should have 20 EMA dynamic support to go long
Target on fib extension 1.272 on monthly R3 or 1.618 on monthly R4
A newbie thought on which directions XJO would take next week ...
1. retraces to 4992.2 to level with left shoulder
2. rise to complete (B) wave to 6165.3 (Fib 0.618 level) distance equals top shoulder to neckline & probably just under 55 days SMA level
3. going down to complete (C) wave to probably Fib 1.618 level of 2930
any pro tips welcomed :) & Stay Safe !