We took out 700 resistance and peaked around 745 - topped out, and quickly fell,
Here's are my chart idea of what's happening.
Here's are my chart idea of what's happening.
Note
Current channel:Support: 635
Resistance: 685-700-720
Note
Since our breakout, 670 I also displaying some local support in recent candle history.Note
Huge dump got us down to 660 area.Another visit to 635 would make me a bit uncomfortable/bearish.
We need to establish a higher low right here to progress, around 650-670 range.
Note
Bullish volume pushing us up, i think we have established a higher low, bears got stopped out around 655,My next analysis will be a very different and a bit playful, beyond technical analysis. It’s a look on the growth and what we can expect in the future with current growth rate.
Note
A side note regarding the large triangle, my theory is that we will keep on making higher lows (from 745) and lower lows (650 lower low right now) until a second, larger breakout happens.Note
Typo; lower highs/lower lows then breakout.Note
When everyone and their grandmother is shorting the market, I go against the trend. It’s true that we are still in a bear market and BTC/ETH are still coupled somewhat.
The long term trend line is still bearish, but as we know these markets are extremly volatile and next thing u see are bears getting trapped ag the end of the long term channel hoping to buy in cheaper.
It’s easy to short a declining market and harder to go long.
I would still advice to keep your stops relatively tight, i set my stop at just below 635 short term.
Note
If you are looking for fragility signs in the market, it would be the exhaustion of the 635 support level that are keeping us with the bullish movements, if this level is broken expect us to fall like dominos out of this channel.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.