On a 4H chart it seems like there is a double bottom in the forming on the lower band of the channel, that holds the price for the past 3 weeks. On a larger scale we can see an attempt of inverted H&S that failed at the now upper channel resistance level.
Full double bottom formation would most likely mean retest of a channel resistance - with RSI and MACD levels...
After strong April run and following great nuking, ETHUSD has shown that demand is there. Defi seemed to survive really nicely and handled trades in situations where exchanges froze (I was using Balancer for some token swaps on ETH --> nice DEX, great team).
On a Daily chart we see a strong support around 2k levels (+/- 250$).
Looking from a "bigger picture...
Following the "El Salvador" news (they added 150mio $ to their central bank account and made BTC a legal tender --> please correct me if I am wrong) BTC saw (as is seen for now) a rapid uptick.
Anyhow, BTC is still moving in the downward channel and proper breakout & closing above 40k would bring higher market reassurance and a technically valid downtrend...
BTCUSD has seemingly found support between 61 and 50% FIB retracement. Combined with on-chain data, that indicates bigger wallets accumulation tendency I believe, that price will be finding support for next few weeks, before continuing retesting higher end higher S/R levels as shown. Price will in my opinion not reach ATH in 3rd quarter of 2021.
Market fear will...
After being in an ascending triangle for a while now, price breached the lower triangle band, effectively negating the bullish outlook on the 4h chart.
Green line represents potential stop points and a plan for how a trend might continue.
Red line represents where are next stops if a downward pressure continues.
For now, I will stay out of the trade since we do...
For the next few weeks, we will see some bound PA in the Asymetrical rising triangle.
Potential break on the upper side will cause retesting of the higher Pivot points.
