Possible Feb Fractal still in Play?
Updated
When looking at the Feb fractal, we should be in the blue stage of that yellow circle. Bu it's clear that this time the movement is much weaker. We really need to break that red resistance (yesterday's high) to be able to think it could happen again.
Problem is, we dropped a bit too much, but even more, we dropped in a straight line. We are missing that purple part from the left chart.
As you can see, if we follow the fractal (and despite of the fractal even), if we break up, we will get a small retest again. If we see something like that, it would be much safer to think about bullish price movement again. At the moment it is still looking a bit dangerous. Alts are also not that great at the moment, almost everything shows possible H&S patterns.
I would rather see it move slowly up from the current level, or make a double bottom around yesterday's low. Anything weaker, could make alts drop as well and we could be dropping some more. I will try to write a new (normal) analysis tomorrow. Just don't forget, still Christmas and volume is lower which makes the risks for some manipulation much higher as well.
I have not done my normal research, because of the Holiday's, so this is just a possible guideline. I would say, keep a very close eye on ETH'. That one could still make another small drop and maybe form a bullish wedge. ETH' has been quite leading lately, so would be good to keep an eye on that one.
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Previous fractal analysis:
Problem is, we dropped a bit too much, but even more, we dropped in a straight line. We are missing that purple part from the left chart.
As you can see, if we follow the fractal (and despite of the fractal even), if we break up, we will get a small retest again. If we see something like that, it would be much safer to think about bullish price movement again. At the moment it is still looking a bit dangerous. Alts are also not that great at the moment, almost everything shows possible H&S patterns.
I would rather see it move slowly up from the current level, or make a double bottom around yesterday's low. Anything weaker, could make alts drop as well and we could be dropping some more. I will try to write a new (normal) analysis tomorrow. Just don't forget, still Christmas and volume is lower which makes the risks for some manipulation much higher as well.
I have not done my normal research, because of the Holiday's, so this is just a possible guideline. I would say, keep a very close eye on ETH'. That one could still make another small drop and maybe form a bullish wedge. ETH' has been quite leading lately, so would be good to keep an eye on that one.
Please don't forget to like if you appreciate this
Previous fractal analysis:
Note
I posted a new ETH analysis as well, to keep an eye on it.
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