BTC/USD ABC Correction in Play
Likely BTC/USD ABC correction in play.
Notice the confluence of extensions and key levels. If compared to the 4 hour downtrend line (in white), a bounce to 56k would still make a daily downtrend valid.
Meanwhile the recent bounce off of 47.1K could be a potential support but the more likely scenario is a bear flag and an ABC dead cat bounce.
Zooming out to the weekly we see fractal patterns resembling a bear flag with further downside in play. Volume candles on the recent capitulation dump prove notable but not convincing. The recent break below the orange trend line shows a potential bull trap fake out last week followed by a Friday night massacre on the markets.
Useful is a comparison the the ETH/USD and ETH/BTC charts when compared with ETH.D dominance which recently peaked at 22%.
Notice the confluence of extensions and key levels. If compared to the 4 hour downtrend line (in white), a bounce to 56k would still make a daily downtrend valid.
Meanwhile the recent bounce off of 47.1K could be a potential support but the more likely scenario is a bear flag and an ABC dead cat bounce.
Zooming out to the weekly we see fractal patterns resembling a bear flag with further downside in play. Volume candles on the recent capitulation dump prove notable but not convincing. The recent break below the orange trend line shows a potential bull trap fake out last week followed by a Friday night massacre on the markets.
Useful is a comparison the the ETH/USD and ETH/BTC charts when compared with ETH.D dominance which recently peaked at 22%.
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