Ascending Triangle Re-test

Updated

During the rally at the beginning of the month, BTC had over a $1000 change in price. This rally printed as a breakout of an ascending triangle pattern for BTC and LTC. ETH also gained value in this rally, however, it did not get very far past its ascending triangle's horizontal resistance. ETH has only made it to 1/2 of its projected target (ascending triangle breakout target = 240, April 1st rally high = 187). Here we see that triangles horizontal resistance being tested as new support, which has been holding firmly. On the smaller TFs ETH continues to support 160 range, and shows bullish patterns / signs.

Current thoughts:
a rally sucks most bulls in (run to 170)
Horizontal support is violated (160-150)
Rally to asc. triangle target (210-240)

Note

As we travel into the weekend, the volume has dropped off. We are bouncing between a tight range of support and resistance.

Using BTC & ETH in conjunction right now, both continue to build / extend an ascending triangle. targets adjusted for time and price.

BTC break up - 4275
ETH break up - 172

If 160 breaks with ETH, I will consider patterns invalid

Note

Almost there

Note

1st - 172 target fell short
2nd - 154 target hit (earlier than expected)

Here we sit back on this important line that will either confirm as newly established support. If price falls below this 160 level and closes on the higher TFs things should turn bearish. First stop to consider is 138-140 area.

If we hold here, I will expect 3rd target @ 200 area

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