A lot of things point to an upwards breakout.
we have a flag with hidden bullish divergence
Teather drop hard couple of days ago
Soon apex for wedge (or continuation triangle, depending how you draw it)
Futures close today
BTC, time to show your hands ;)
Whether you like tether or not it is very obvious that it’s value against USD overlayed BTC charts gives a correlation, which is: whenever tether is dropping hard a new BTC rally starts.
One of the reasons may be that tether is poorly maintained and can not sustain it’s pegged value as expected.
Nevertheless, it can give us hints about what will happen.
Now, since the tether case where finex (and other USDT based exchanges) shot up in the sky, an interesting difference has also now occured. Forming bull flags are different patterns as well...
My assumption is that the surge on other exchanges was caused by finex/tether but the rally was heavily rejected by major downtrend line.
Finex has broken it’s downtrend...
Since we touched the local bottom at ~$6K, we have had a bull run, forming fractals of H&S. It seems that we are getting closer to a big decision point.
EW counts nicely for the current bull run from $6K towards ~$11.8K. At the same time, we are formin a larger H&S. CBOE contract closing on 23nd could also have some say in this.
I believe we will get a bounce...
BTC did not take the new high to 14K as anticipated earlier. It went down and poked the lower end of triangle.
Path 1 (green):
5+3+5 EW, bouncing top and bottom of triangle before we break out and move towards new highs.
Path 2 (purple):
5 (already happened)+3+5 EW, moving to new lows around $7K before racing towards new highs.
Believe that CBOE Long position...
ADA is working the triangle. We will probably go down and retest the 5000, to head back to 5500. If triangle can be breached, we are looking to hit .00009 - .0001 range.
Buy zone around 5000, profit between .00009 - .0001
ETHUSD has been following BTCUSD for a while, but this trend changed a bit since ETHBTC is keep retesting it's triangle and took a 10% increase across the past 4 days.
If wedge is broken, we are going to retest $1200 and $1400 before $1800 is reached.
Has changed it a bit, believe the next leg up is not due before BTC recovers, and the vanished capital returns to the market.
A leg up before rebranding and another leg up after rebranding (correction in between).
Currently, ETH USD follows BTC very much at the moment. I believe ETH will break out after BTC CME trade contracts closes on January 26th. ETH will then rally towards $1700 - new ATH.
Buy zone near $750