It looks like BTC has retested the lows and the 50W MA and it is looking like it wants to go up. IMO the bottom is on at 42k and this has been a common shake out. Do not expect parabolic movement.
#NFA
Everyone holding the CEL token may feel slightly frustrated at the moment. The market is moving up but Celsius is doing a whole lot of nothing.
Some things to keep in mind:
- The CEL token is a lot closer to its ATH than many other coins.
- The CEL token price almost ignored the May dip.
- The CEL token has been known to consolidate in a narrow range before...
So what I am seeing is that bitcoin has done a 5 wave impulse to the upside since breaking out from its ATH in December 17th of 2020.
It has now been followed by a typical ABC pattern correction.
The bullish scenario would be another 5 five to the upside (This happened in 2017)
The bearish scenario would be a macro trend reversal for more downside to come....
Remember, a test to the 20 week EMA is not abnormal in a bull market.
So we could drop to 30k without a "bear market". People should not panic here.
Just enjoy the discounts and see the weak hand being shaken out.
Ethereum has been in this rising wedge for all of February. I feel bullish but it could go either way.
If BEAR: target 1710
If BULL: target 1950
Wait for confirmation
BTC Consolidation pattern within the consolidation.
We are having a consolidation pattern within the larger consolidation pattern. This gives all the ALTs the change to pump like crazy,
RSI Momentum looks bullish on ETH and with BTC in the middle of its consolidation pattern, this could be the perfect storm for a massive run for ETH. ATH this weekend is not impossible, and if breached, we are in for quite the move north.
We still need to break out of this pattern, break 1250 and then the local top of 1350 to climb towards the ATH however.
ETH in consolidation pattern.
Interestingly, This patterns ends before the consolidation pattern of BTC. which could lead ETH to breakout bullish while BTC continues to consolidate
BTC has technically broken out of its consolidation pattern, still the resistance level of 35000 to break through, but BTC looks bullish.
Wait for confirmation above 35000
ETH has turned up-trending level of resistance into support!
A couple of hours ago, ETH bounced of the trend-line which has been resistance since March! Bullish!
ETH is closing on a critical level of support from both the up-trending level and a flat level. This is strong support and a good chance for a reversal.
My target: 675
