Alt market more Bullish than Bitcoin, Part 5
Very nice to see the market eventually chose to follow the blue line, the healthy correction :). As suggested, it was very unlikely to see the H&S play out, but more likely to see it move up again, which it did. Here we can see another sign for the drop for Bitcoin', is the fact this chart was not able to make a new high where Bitcoin rallied 3% above the previous high. Anyway, keeping it short here. You know my view on Bitcoin, so this one is similar. Assuming the correction is not over yet. We can see that blue support area acted as support once again the past days. So a break of this would be a good stop hunt zone.
Previous analysis i showed a triangle, we can see here how it kept moving against the former support line of the triangle.
I do have to say, normally when it moves against a resistance this long, the pattern becomes less likely. But here it played out anyway. So seeing a new low coming days, seeing it find support around the green zone and then go up again. In theory it can drop towards the previous neckline around 64, but i don't think it would be good for this market. Better to see some more conviction from the bulls to keep it above the green around 69/70. If see all of this take form, the next target should be around the yellow circle. It won't be easy to break the previous high around 84, but if it does happen with a good push through it, the yellow circle should be something to market should reach.
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Previous analysis:
Previous analysis i showed a triangle, we can see here how it kept moving against the former support line of the triangle.
I do have to say, normally when it moves against a resistance this long, the pattern becomes less likely. But here it played out anyway. So seeing a new low coming days, seeing it find support around the green zone and then go up again. In theory it can drop towards the previous neckline around 64, but i don't think it would be good for this market. Better to see some more conviction from the bulls to keep it above the green around 69/70. If see all of this take form, the next target should be around the yellow circle. It won't be easy to break the previous high around 84, but if it does happen with a good push through it, the yellow circle should be something to market should reach.
Please don't forget to like if you appreciate this :)
Previous analysis:
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