CheddarBizcuitz

CheddarBizcuitz

Price caught at second short-term resistance zone to prevent a breakout towards 3200. Current hold is at short-term support (magenta) which will eventually transition back to 3k. imo a good bullish scenario would be a continuation of sideways action within the non-highlighted region until marked weekly close.

CheddarBizcuitz

Looks like I spoke too soon as another recovery attempt comes into play. Based on yesterday's PA we can note that H4 closed above 3k to assist in re-flipping the long-term critical zone. An H1 view within the same period shows two separate closes, one above 3k and the following above bearish piercing. Both of these were still below the first short-term...

CheddarBizcuitz

Price rejected at short-term resistance (magenta) resulting in an H4 close under 3k. Subsequent candles attempted to push us back above but with little success. Current consolidation is holding around short-term support (blue); expect next support around ~2850-2750 indicated by the solid black price lines. The chance of us rebounding at this point is very slim...

CheddarBizcuitz

Sorry for the late post guys. Seems like we got another slight push to send us above short-term resistance (solid yellow) but price still remains below the long-term trendline. As discussed in yesterday's post, transitioning towards the intersection point of magenta and long-term will add a second layer of resistance for future PA. Use the indicated trendlines...

CheddarBizcuitz

Consolidation continues within the descending triangle pattern, but more importantly, beneath the lower short-term resistance (solid yellow). This seems to indicate that momentum is leaning towards a bearish breakout with expected trigger prior to 4/20. Since the yellow line has transitioned below the long-term support trendline (solid black) this also presents...

CheddarBizcuitz

Price held in at 3k however the daily candle still closed below long-term trendline. We can see that the subsequent H4 candle attempted to breakout but due to D1 close this was less likely to occur. We can also see another attempt from candle 12:00 which hit a high at the current short-term resistance (solid yellow) before another rejection. If you're planning...

CheddarBizcuitz

A bit more sideways action as price now looks to retest long-term support (solid black). Based off yesterday's post it would seem that we're slowly transitioning from scenario 2 -> 3. Since the previous H4 candle closed outside of pattern there's a good chance we could continue momentum below 3k where the solid blue line would be next 'critical' support. If 3k...

CheddarBizcuitz

First reversal attempt underway as we receive a bullish breakout off the highlighted triangular pattern. Keep in mind that we could still see something similar to the above PA however this time price is bouncing off a critical long-term support. Current resistance is around the magenta line which acts as the upper buffer before entering into the next...

CheddarBizcuitz

Price holding in around 3k after a small drop to ~2950. Current PA is back above critical and lower long-term trendline which provides the crossover support previously mentioned (close = trendline, low = critical). Colored trendlines have been extended to indicate short-term resistance; remember that the gap between yellow and magenta is a buffer zone. In-terms...

CheddarBizcuitz

$ETH finally broke down after reaching a high of 3300; this was just outside the marked trendline resistance but a slight breakout from the short-term triangular pattern. Weekly close occurred at ~3200 which was just enough to trigger MACD divergence. This is a good sign for potential reversal. Current consolidation is indicated at 3k which was to be expected...

CheddarBizcuitz

Another test at short-term triangular resistance (dotted black) as we funnel closer towards a breakout point. Current weekly candle still has a chance to trigger divergence; W1 close has been indicated by the vertical blue line. My prediction for this scenario is +3200 critical although anything above 3130 (piercing point) could still have bullish potential. ...

CheddarBizcuitz

$ETH still battling at 3200 as we consolidate into a symmetrical triangle pattern (dotted black); note the entry direction which further denotes bearish continuation. Not much new in regards to recent posts, I still believe we'll see a drop to roughly 3k before any signs of possible reversal. Dipping into the next long-term zone poses a high chance of furthering...

CheddarBizcuitz

Another slight push for $ETH but likely just a part of the previous short-term recovery phase. Resistance was met at the solid black trendline which was around the high of the initial breakout (between solid blue and yellow). A dashed blue line was added off the prior support low to further signify this hold. From here I still believe we see a drop to 3k (low...

CheddarBizcuitz

$ETH continues to drop as price flips 3200 critical into resistance. A slight push to ~3300 did occur but only as a short-term recovery and something to be expected during a corrective cycle. My prediction is still 3k before any hope of reversal. A yellow line has been added to show current estimated support (low). This has been aligned parallel with the...

CheddarBizcuitz

Reversal underway as price gets rejected below cycle test zone (solid purple) and indicated buffer (dashed). Based on yesterday's post we can note that the given H4 candle closed around 3400 critical with a low just short of previous triangular support (solid blue). Although this was essentially the most bullish scenario imo, the close did occur below lower...

CheddarBizcuitz

Yesterday's H4 at post closed above buffer which furthered momentum to ~3550, however resistance continues to hold in to force us back to the cycle test zone (solid purple). My hope was that we would make a push towards 3600 critical but recent PA shows that we could dip a bit further. From a bullish perspective this would be a close at lower buffer (dashed)...

CheddarBizcuitz

Weekly closed just above 3500 creating the first signs of MACD divergence; keep in mind that this isn't set in stone and the current W1 candle will help determine such. Looking at yesterday's PA we can note that price did hold above the indicated buffer zone (dashed lines) however the volatility wasn't anything drastic nor did it seem like an attempted push...

CheddarBizcuitz

Price remaining above the upper buffer (dashed line) which is a good sign so far in terms of weekly divergence; note the low touch off at the cycle test zone (CTZ). Yesterday's daily close formed somewhat of a shooting star yet remained above CTZ to prevent a reversal. This isn't to say that a double-top is no longer possible, if weekly close (vertical blue...